Friday, November 28, 2025
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NortheastOffice

AMERICAN STOCK TRANSFER BUILDING TO RECEIVE GREEN RENOVATION

by admin

NEW YORK CITY — Construction is currently under way for the headquarters building of American Stock Transfer & Trust in Brooklyn, New York City. The project will focus on making the 145,600-square-foot building more sustainable. Energy-efficient mechanical, electrical and HVAC systems will be installed. The four-story building will also make better use of natural light. Other renovations will include a redesign of the building's façade, a new main entrance and new office layouts. W. Lerman Architects is designing the project. Completion is slated for the fourth quarter.

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Western

CBRE OFFERS 50 MILLION SHARES OF CLASS A COMMON STOCK

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LOS ANGELES — CB Richard Ellis Group Inc. (NYSE: CBG) is planning to offer 50 million share of its Class A Common Stock in a public offering. Additionally, the company has provided underwriters of the proposed offering an option to purchase an additional 7.5 million shares to cover over-allotments. CBRE plans to use the net proceeds for general corporate purposes. Credit Suisse Securities (USA) LLC and Banc of America Securities LLC will act as joint bookrunning managers for the offering.

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Northeast

LEXINGTON, VORNADO, WINTHROP ACQUIRE 15 MILLION SHARES OF LEXINGTON STOCK

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NEW YORK CITY, PARAMUS, N.J. AND BOSTON — New York City-based Lexington Realty Trust has agreed to the forward purchase of 3.5 million shares of its own common stock, in addition to the sale of 11.5 million additional shares to two Northeast REITs. Paramus-based Vornado Realty Trust will acquire 8 million common shares of Lexington’s stock, bringing its total number of Lexington common shares owned to 16.1 million. Boston-based Winthrop Realty Trust also agreed to purchase 3.5 million shares of Lexington’s common stock. All of the shares purchased in the transaction were traded at a price of $5.60 per share. The shares were previously held by AP LXP Holdings LLC, an affiliate of Apollo Real Estate Advisors III LP. In connection with Lexington’s forward purchase of its shares, the company has prepaid 50 percent of the purchase price and will make floating payments during the 3-year term of the forward purchase at an interest rate of LIBOR plus 250 basis points per annum. Vornado and Winthrop have also arranged 3-year, non-recourse financing at 50 percent of the purchase price for their commons shares purchased. The interest rate is also LIBOR plus 250 basis points.

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HospitalitySoutheast

MUMFORD COMPANY ARRANGES TWO HOTEL SALES IN STOCKBRIDGE, GA.

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STOCKBRIDGE, GA. — An undisclosed Ga.-based buyer has purchased two hotel properties in Stockbridge, the Sleep Inn and Magnolia Inn, from Atlanta-based Kasandas Properties for $6 million. Steve Kirby and Burton Brooks of the Mumford Company’s Atlanta office arranged the sale. The buyer intends to retain the Sleep Inn franchise and continue to operate the Magnolia Inn as an independent hotel.

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Company NewsData CentersDevelopmentTop StoriesWashingtonWestern

Amazon to Invest Up to $50B to Expand AI Infrastructure for U.S. Government

by John Nelson

SEATTLE AND WASHINGTON, D.C. — Amazon (NASDAQ: AMZN) has announced an investment up to $50 billion to expand artificial intelligence (AI) and supercomputing abilities for Amazon Web Services (AWS) U.S. government clients. Amazon will break ground beginning next year on advanced data centers that will add 1.3 gigawatts of AI and supercomputing capacity. AWS currently supports more than 11,000 government agencies. The cloud computing software provides security, compliance and governance tools for the government control of unclassified and classified data. The new investment is expected to enable federal government agencies — including defense, healthcare and energy departments — in their discovery and decision-making processes using simulation and modeling data with AI. Amazon’s investment directly supports the Trump Administration’s AI Action Plan outlined in June 2025. “Our investment in purpose-built government AI and cloud infrastructure will fundamentally transform how federal agencies leverage supercomputing,” says Matt Garman, CEO of AWS. “We’re giving agencies expanded access to advanced AI capabilities that will enable them to accelerate critical missions from cybersecurity to drug discovery. This investment removes the technology barriers that have held government back and further positions America to lead in the AI era.” Amazon’s investment is the latest deal in the private sector’s …

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Novartis-Pathway-Triange_N.C
DevelopmentIndustrialNorth CarolinaSoutheastTop Stories

Novartis Announces $771M Pharmaceutical Manufacturing Expansion in North Carolina’s Research Triangle

by Hayden Spiess

DURHAM AND MORRISVILLE, N.C. — Pharmaceutical developer and manufacturer Novartis (NYSE: NVS) has announced a $771 million expansion of its footprint in North Carolina’s Research Triangle. According to the company, the expansion will create 700 new jobs in Durham and Wake counties and more than 3,000 indirect jobs by the end of 2030. The North Carolina expansion is part of the Swiss company’s pledge to invest $23 billion in U.S. infrastructure over the next five years. Doubling the company’s operational presence to more than 700,000 square feet, the expansion will significantly increase manufacturing capacity. The expansion will comprise new construction as well as the renovation of existing facilities across three sites in Durham and Morrisville. The new hub will include a new site in Durham housing two new facilities for manufacturing biologics and sterile packaging and a new site in Morrisville for the production of solid dosage tablets and capsules, as well as an expansion of an existing Durham facility to support sterile filling of biologics into syringes and vials. One of the new facilities will be located at Pathway Triangle, occupying 202,000 square feet at the 1 million-square-foot campus in Morrisville. CBRE represented both Novartis and the landlord, King …

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AcquisitionsMichiganMidwestMultifamily

Berkadia Brokers Sale of 335-Site Manufactured Housing Portfolio in Michigan

by Kristin Harlow

MICHIGAN — Berkadia has brokered the sale and arranged financing for the Michigan MHC Portfolio, which comprises four manufactured housing communities (MHC) with 335 sites across the state. Kevan Enger of Berkadia represented the seller, California-based Urban West Ventures. Scott Modelski of Berkadia secured acquisition financing through Barclays – Conduit on behalf of the buyer’s Chicago-based affiliate, Butler Communities. The portfolio includes Pontaluna Shores in Norton Shores, Broadway Acres in Mount Pleasant, University Mobile Estates in Whitmore Lake and Brookhaven in Comstock Park. The assets were built in 1967, 1986, 1952 and 1970, respectively.

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GeorgiaMarket ReportsRestaurantRetailSoutheastSoutheast Market Reports

Exhibit on Atlanta Retail: Observations from Intown to the ‘Burbs

by John Nelson

If you’ve spent any time driving around Atlanta recently, you’ve probably noticed something. More development sites are returning with bulldozers and developers are taking down land parcels in the suburbs the size of small European countries. But this time, the approach is more strategic than ever.  Gone are the days when a developer would carve out a shopping center for base rents less than $40 per square foot and call it a day. Today, some metro Atlanta developers are assembling larger tracts and creating hybrid projects that include multifamily housing, storage and even industrial uses in the back of the parcel, saving the front-facing road frontage for ground leases, build-to-suits and limited shop space. Automotive and restaurants concepts are clamoring for pads.  The result? Those once-overlooked “front and center” pad sites and strip centers are suddenly the belle of the ball. The downside is paying too much on the buy side for the dirt for aggressively low caps rates. But all I can say for the rental rates that I’m seeing is “Wow.”  Restaurants still lead In Atlanta’s retail market, restaurants continue to be the leading driver of leasing activity. According to observations, excluding junior box space, food-and-beverage deals made …

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Toyota_North_Carolina
IndustrialNorth CarolinaSoutheastTop Stories

Toyota Begins Production at $13.9B Battery Plant in North Carolina, Pledges Additional $10B Investment Over Next Five Years

by Abby Cox

LIBERTY, N.C. — Toyota (NYSE: TM) has begun production at its new $13.9 billion battery plant in Liberty, approximately 20 miles southeast of Greensboro, N.C. The 7 million-square-foot facility, which broke ground in 2021, is Toyota’s first and only battery plant outside of Japan and the company’s 11th U.S. plant. Toyota will also make an additional investment of up to $10 billion over the next five years to “support future mobility efforts,” according to company representatives. Toyota has invested nearly $60 billion since the company began its U.S. operations nearly 70 years ago.  “Toyota is a pioneer in electrified vehicles, and the company’s significant manufacturing investment in the United States and North Carolina further solidifies our commitment to team members, customers, dealers, communities and suppliers,” says Ted Ogawa, president and CEO of Toyota Motor North America (TMNA).  Toyota North Carolina is expected to create as many as 5,100 jobs. “This new facility will bring new opportunities and long-term growth to our state. It’s another sign that North Carolina continues to lead the way in manufacturing and innovation,” adds U.S. Representative Richard Hudson of North Carolina. The 1,850-acre site can produce 30 gigawatt-hours (GWh) annually at full capacity and will serve …

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers $12.5M Sale of Walmart-Occupied Retail Property in Metro Chicago

by Kristin Harlow

ROLLING MEADOWS, ILL. — Marcus & Millichap has brokered the $12.5 million sale of a 130,200-square-foot retail property occupied by Walmart in the Chicago suburb of Rolling Meadows. Built in 2000 and renovated in 2016, the single-tenant property sits on 9.8 acres at 1460 Golf Road. Walmart, which recently signed a long-term lease extension with an absolute net structure backed by a corporate guarantee, has occupied the space for nearly 25 years. Ashish Vakhariya, Seth Haron, Darin Gross and Steven Weinstock of Marcus & Millichap represented the private equity fund seller and procured the institutional buyer.

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