Monday, September 14, 2026
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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

by admin

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.

by admin

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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AcquisitionsNew YorkNortheastOffice

SL Green Sells Lower Manhattan Office Building for $226M

by Taylor Williams

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has sold 110 Greene Street, a 223,000-square-foot office building in Lower Manhattan, for $226 million. The 13-story building was originally constructed as two structures by New York City merchant Charles “Broadway” Rouse between 1908 and 1920 and later combined into a single structure that is known locally as The SoHo Building. Tenants include Avoro Capital, Birkenstock and apparel retailer UNTUCKit. Gary Phillips, Will Silverman and Carly Shoulberg of Eastdil Secured Savills advised SL Green on the transaction. The buyer was not disclosed.

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AcquisitionsMultifamilyNortheastPennsylvaniaTop Stories

Independence Realty Trust, Centerspace to Merge in $8.1B Transaction

by Kristin Harlow

PHILADELPHIA — Independence Realty Trust Inc. (NYSE: IRT) and Centerspace (NYSE: CSR) have entered into a definitive merger agreement under which the two companies will combine in an all-stock transaction valued at $8.1 billion, including debt. The combined multifamily REIT will own and operate 163 properties totaling 44,354 units across 17 states. According to Scott Schaeffer, chairman and CEO of IRT, the deal will pair IRT’s Sun Belt portfolio with Centerspace’s Midwest and Mountain West communities. He also cites greater efficiencies across a larger operating base and an expanded value-add renovation program. The combined company is expected to have a pro forma equity market capitalization of approximately $5 billion. Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, Centerspace shareholders will receive 3.8 shares of IRT common stock for each share of Centerspace common stock owned. Upon closing, IRT stockholders will own approximately 78 percent of the combined company’s equity, while Centerspace shareholders will own roughly 22 percent. IRT’s management team will continue to lead the combined company. Schaeffer will serve as chairman and CEO, and James Sebra will serve as president and CFO. Upon completion of the merger, the …

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Broadcom-Corporate-Campus
AcquisitionsCaliforniaOfficeTop Stories

Broadcom Acquires Corporate Campus in Southern California for $325M

by Hayden Spiess

IRVINE, CALIF. — Semiconductor and infrastructure software company Broadcom Inc. (NASDAQ: AVGO) has completed the acquisition of its Southern California campus located in Irvine for $325 million. Washington, D.C.-based PRP Real Assets was the seller.  Developed in 2017 and 2018, the campus was built as the corporate headquarters for Broadcom, which occupies the property on a net-lease basis. PRP Real Assets has owned the campus since 2020. Situated within the Irvine Spectrum District, the Broadcom Corporate Campus totals 660,893 square feet and features two five-story office buildings. Gensler designed the 9.6-acre campus, which also features nearly 3,000 parking spaces.  According to PRP Real Assets, the property benefits from its location near retail, dining, hotels and public transportation, with the latter including the Irvine Station.   “Broadcom’s decision to acquire the campus underscores the property’s importance to the company’s operations and validates the principles behind our mission-critical net lease strategy,” says Paul Dougherty, president of PRP Real Assets. “The campus combines a high-quality asset, a strong tenant and an irreplaceable location in one of the nation’s leading technology markets.” PRP Real Assets is a privately held real estate investment and management company. Founded in 2005, the firm has acquired more than $6 …

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Company NewsFloridaRetailSoutheast

EverBank Financial, WaFd Enter Into $3.9B Reverse Merger Transaction

by John Nelson

JACKSONVILLE, FLA. AND SEATTLE — EverBank Financial Corp., the Jacksonville-based parent company of EverBank NA, has entered into a $3.9 billion reverse merger transaction with WaFd Inc. (NASDAQ: WAFD), the Seattle-based parent company of WaFd Bank. Under the terms of the agreement, EverBank Financial will merge into WaFd Inc., the latter of which will continue as the resulting financial holding company. WaFd Inc. will remain publicly traded but will change its name to EverBank Financial Corp. and trade on the Nasdaq Stock Exchange under the ticker symbol “EVBK.” Upon closing of the holding company merger, WaFd Bank, which has more than 200 locations in the Western United States, will merge with and into EverBank NA, which has more than 40 locations in Florida, California and New York. Upon completion of the transaction, which is expected for early 2027, EverBank Financial’s investors, which include funds managed by Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street, Bayview Asset Management and TIAA, will collectively own approximately 59.2 percent of the pro forma combined company, with WaFd Inc. shareholders owning approximately 40.8 percent. EverBank CEO Greg Seibly will continue to serve as CEO of EverBank post-merger, and WaFd CEO Brent Beardall will serve …

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AcquisitionsConnecticutDelawareGeorgiaMassachusettsMultifamilyNew JerseyNortheastPennsylvaniaSeniors HousingSoutheastTop Stories

American Healthcare REIT Acquires Eight Seniors Housing Communities for $696M

by Matthew Auchincloss

IRVINE, CALIF. — American Healthcare REIT Inc. (NYSE: AHR) has acquired eight senior housing communities in six states for $696 million. The properties, which collectively comprise 867 units and were built between 2020 and 2022, are located in Massachusetts, Connecticut, New Jersey, Pennsylvania, Delaware and Georgia. Newmark acted as AHR’s real estate advisor for the transaction.  While there were multiple sellers, all eight properties were marketed together. AHR purchased 10 communities all together but assigned the purchase and sale agreements of two properties to another institutional investor.  “This series of transactions is an example of disciplined capital allocation supported by strong execution,” says Jeff Hanson, chairman and CEO of AHR. “We understood that only a solution for all 10 communities would clear the market. Rather than either walking away from a highly strategic opportunity or compromising our capital allocation discipline to secure it, we constructed a solution that required neither.” The purchase gives the Irvine-based company a larger presence in the Northeastern seniors housing market. The Northeast properties in the portfolio are located primarily in wealthy suburban markets such as Philadelphia’s Main Line, Westport, Conn., and suburban Boston.  AHR is strengthening this newfound foothold via a new operating relationship with Massachusetts-based LCB …

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DevelopmentGeorgiaIndustrialSoutheastTop Stories

Walmart to Open 1.5 MSF Fulfillment Center, Invest $1.3B in Northeast Georgia

by Kristin Harlow

CARNESVILLE, GA. — Walmart Inc. (NASDAQ: WMT) has unveiled plans to build a fulfillment center in Carnesville, a city located about 85 miles from Atlanta in northeast Georgia. The project, which is expected to create 1,000 new jobs, comes as part of a larger, $1.3 billion capital investment in Franklin County. The 1.5 million-square-foot automated facility will be located within Franklin 85 Logistics Center. Construction is expected to begin later this year. According to Walmart, the company’s next-generation fulfillment centers are located in strategic markets to expand same-day and next-day shipping capabilities across the country. “As customer expectations continue to evolve, investments like our new fulfillment center in Carnesville help us deliver the speed, convenience and reliability customers count on,” says Karisa Sprague, senior vice president of supply chain for Walmart U.S. The Georgia Department of Economic Development worked on the project in partnership with the Franklin County Industrial Building Authority, Georgia EMC and Georgia Quick Start. The Arkansas-based retail giant’s presence in Georgia includes 209 Walmart stores and Sam’s Clubs as well as 11 supply chain facilities employing more than 65,300 associates across the state. With fiscal year 2026 revenue of $713 billion, Walmart employs approximately 2.1 million associates …

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