Verizon has quietly put the office space it preleased at Vornado's PENN 2 tower back on the market for sublease, reversing the Manhattan headquarters move it announced last summer. The space hit the market less than seven months after the July 2025 lease was signed and sends roughly 200,000 rentable square feet back into the Midtown mix, an unexpected twist for what had been held up as a marquee vote of confidence in the Penn District.
By Jonathan Randles, Bloomberg Bankrupt luxury retailer Saks Global Enterprises is moving to block Simon Property Group from closing two locations in California and New York, a clash that exposes a widening rift between one of the nation's largest mall owners and one of its most prominent anchor tenants. Simon is seeking to take over a Saks location at the Stanford Shopping Center in Palo Alto, California and a Saks OFF Fifth discount store at an outlet mall in Woodbury, New York.
The owner of Blackhawk Plaza in Danville is in default on two loans totaling a combined $31 million that were provided to the property by Preferred Bank, according to documents filed on Jan. 30 with the Contra Costa County Recorder's Office. These new delinquencies are separate from $5 million in financing that Nano Banc provided to the owner of the property, whose addresses include 3380 Blackhawk Plaza Circle, county real estate files show.
A big tech campus in Mountain View has been bought in a deal whose price suggests that values could be starting to stabilize in at least some areas of the South Bay. The five-building office hub has been purchased for $193 million, according to documents filed on Jan. 20 with the Santa Clara County Recorder's Office. PSAI Realty Partners, acting through an affiliate, bought the Mountain View Corporate Center, which has addresses ranging from 301 to 381 E. Evelyn Ave.
At 101 Ygnacio Valley Rd., the 78,200-square-foot building was purchased for $13.5 million by an affiliate of real estate firm STG Group, according to documents filed on Jan. 16 with the Contra Costa County Recorder's Office. Scott Prosser and Seth Siegel, executives with commercial real estate firm Cushman & Wakefield. arranged the purchase. Kansas-based Riffel Asset Management was the seller, county and state public documents show.
Essential Properties Realty Trust paid a combined $10 million for the four Bay Area restaurant sites, the real estate documents show. The sales were all formally completed on Jan. 26 with the filing of several grant deeds. We acquire, own and manage single-tenant properties that are net leased to middle-market companies operating in service-oriented or experience-based businesses, Essential Properties Realty Trust states on its website.
Deutsche Bank AG New York Branch, through an affiliate, took ownership of the three office towers in a streamlined foreclosure process, according to documents filed on Jan. 20 with the Alameda County Recorder's Office. The unpaid debt for the three office buildings totals $442.1 million, the financial titan's affiliate stated in the filing, which was a deed in lieu of foreclosure, the county records show. The original loan that Deutsche Bank provided to Starwood totaled $364.5 million, Alameda County real estate records show.
Claroty - $150M Series F CYBERSECURITY Claroty, an end-to-end cybersecurity platform for industrial applications, has raised $150M in Series F funding led by Golub Growth. Founded by Amir Zilberstein, Benny Porat, and Galina Antova in 2015, Claroty has now raised a total of $890M in reported equity funding. Cubby Storage - $63M Series A Cubby Storage, a property management platform for storage operators, has raised $63M in Series A funding led by Goldman Sachs Alternatives. Cubby Storage was founded by Adam Fleming in 2021.
DANVILLE - Draeger's Market will shut its store in Danville within weeks, a closure that the local chain blames on the state of Blackhawk Plaza, where the grocery hub is located. "The biggest reason for our decision to close is the decline of Blackhawk Plaza," Richard Draeger, a co-owner of Draeger's Market, said in an interview with this news organization. "It's mostly empty. My best guess is that it's 70% to 80% vacant." The deterioration of the upscale mall has led to an erosion in sales for the Draeger's Market at 4100 Blackhawk Plaza Circle, according to Draeger.
When large companies require employees to end remote work and return to the office (RTO), the effects typically ripple through local economies and nearby small businesses. There can be more foot traffic and spending at restaurants, cafés, and coffee shops as office workers take lunch breaks or visit shopping districts before or after their shifts. Convenience stores, dry cleaners, food trucks, and gyms can also see an uptick, leading to improved weekday sales and a steadier cash flow.
A Morgan Stanley real estate investment unit, acting through an affiliate, has paid $110.3 million for a two-building tech complex on Osgood Road in Fremont, documents filed on Jan. 6 with the Alameda County Recorder's Office show. San Jose-based Western Digital Technologies, a data storage company, is the tenant in the two-building tech campus, whose addresses are 44100 and 44200 Osgood Road in Fremont, public records and the company's website show.
A Morgan Stanley real estate investment unit, acting through an affiliate, has paid $110.3 million for a two-building tech complex on Osgood Road in Fremont, documents filed on Jan. 6 with the Alameda County Recorder's Office show. San Jose-based Western Digital Technologies, a data storage company, is the tenant in the two-building tech campus, whose addresses are 44100 and 44200 Osgood Road in Fremont, public records and the company's website show.
The new entity that owns San Francisco Centre, the city's biggest mall, has sued to evict three of the last remaining tenants, according to court filings. An unlawful detainer motion filed Friday seeks the eviction of Executive Order bar; KBR Enterprises Inc., which operates the Shoe Wiz repair service; and Fardin Amiri, who appears to own a salon in the mall.
Six of the 10 priciest multifamily deals in Los Angeles County were located in the City of L.A., meaning they were taxed extra via Measure ULA, which has slowed commercial trades but wasn't enough to keep these parties from buying or selling. The 10 deals combined total about $1.2 billion, and the six within the City of Los Angeles accounted for approximately $45 million in Measure ULA taxes, which come at a 5.5 percent rate on sales of more than $10.5 million.
Hybrid work has rewritten the brief for the office. The focus has shifted from real estate leases and floor plans toward lifestyle-oriented service as a measure of value. In this new reality, developers, investors, and hospitality brands are converging around the shared goal of creating workspaces that feel flexible and connected. The result is an office space that behaves like a great hotel, with services and amenities that invite people in and support specific lifestyle choices.
Fresh off a dominant reelection bid, Boston Mayor Michelle Wu is gearing up for a renewed test of her political capital. This week, Wu restarted her public push to shift more of the city's tax burden onto commercial real estate in order to provide savings for residential homeowners. This effort has been stymied by state lawmakers twice already. Now, Wu is hoping that the third time is the charm on Beacon Hill.
