Jan Richards’ Post

The real estate nightmare is unfolding in St. Louis (USA): Largest office building (135.000 m2) in St. Louis has sold for $3.5M, but in 2006, it sold for $205M. The city's largest office building, the 44-story AT&T Tower, is the second largest vacant office building in the United States. St. Louis's central business district experienced the sharpest decline in foot traffic of 66 major North American cities between the start of the pandemic and last summer. AT &T sold the HQ in 2006 in a 11 years sale-lease-back to Highlands REIT for $205M. In 2022 real estate developer SomeraRoar Holdings bought the property for $4.1M. SomeraRoad had proposed renovating the existing building to develop 306 apartments, 300 hotel rooms and 37,000 square feet of retail, thus reducing the office square footage by 1.2 million square feet. The new owner is the Boston-based Goldman Group who bought the vacant property for $3.5M. On a per-square-foot basis, the tower’s value over 18 years dropped from about $140 to $2.50. #ATTStLouis #officevacancy https://lnkd.in/eBZ5K-cu

Prime Collingwood site for sale - Cushman & Wakefield Cushman & Wakefield experts Daniel Wolman, Raphael Favas, Hamish Burgess and Leon Ma have been appointed to market 53-57 Cambridge Street, Collingwood for sale. Following a well publicised supply/demand imbalance for housing in one of Melbourne’s inner-city pockets is reaping the benefits as developer demand intensifies around the gentrified areas of Collingwood and Fitzroy and East Melbourne. Historically home to long standing rag traders and inner city warehouses, the precinct is now having this landscape redefined with a string of high end residential, hotel, office and BTR developments filling the skyline. Daniel Wolman, Cushman & Wakefield’s International Director & Co-Head Investment Sales, VIC, commented on the demand for property within the precinct “This area is undergoing significant growth and demand, bolstered by a number of highly successful developments across several asset classes including residential, office, hotel and living sectors. “The dynamic precinct has fostered the development of a number of differing uses creating a vibrant and thriving inner-city precinct that is well activated and sought after.” Raphael Favas, Cushman and Wakefield’s Manager of Investment Sales added “Given the expansive footprint, abundance of natural light from the triple street frontages and 10 on site car parks, we expect this opportunity to catch the attention of not just developers but active owner occupier mandates on our books too.” Read more on COMMO - https://lnkd.in/g7X4Yx66 Cushman & Wakefield Daniel Wolman Raphael Favas Hamish Burgess Leon Ma Ariel Lu Brittany Delahoy Cameron Zamora Jeff Ha Joe Kairouz Josh Andrade Kaylee Ke Marcus Neill Oliver Hay Valerie Tang #collingwoodinvestment #melbre #cushmanandwakefield #collingwoodopportunity #forsale #primelocation #melbre #melbournerealestate #cushwake

"More = More" or "More = Redundancy". It feels as though every week plans for another office or residential tower are being submitted for approval in West Palm Beach. The common refrain is Wall Street's move to South Florida, specifically our area, however whose research are these developers relying upon? Goldman did its due diligence and opened offices at 360 Rosemary. Ken Griffin can do what he wants, so you never know if his firm delved into the details or he simply said, "we've moving." Now every developer quotes these moves as proof of the viability of their new projects. Ultimately, how many office and residential towers can WPB absorb over the next 5 - 7 years? Hopefully it all works out . . . but, can our infrastructure handle it? I'll leave that for another day. #luxurycondos #westpalmbeach #petererdmann #commercialrealestate

South Florida has been a thriving market, with Miami leading the way. Despite the challenges faced in the lending market, South Florida has remained resilient, with office spaces thriving and apartment rents steadily rising. The past year has seen numerous projects taking shape, demonstrating the determination and ingenuity of the real estate players in this region. Commercial Observer recently released its annual Power South Florida list, featuring the most influential individuals in the real estate industry. This list includes a diverse group of investors, owners, builders, brokers, developers, architects, legislators, and dealmakers. These individuals have successfully positioned themselves to seize opportunities and have overcome obstacles through their hard work and innovative approaches. One key aspect of South Florida's real estate landscape is the condo development sector. With Miami at the forefront, the skyline is continuously being reshaped with stunning branded towers and boutique beachfront residences. These developments, often featuring luxurious amenities, have become a symbol of Miami's brand, which has gained significant recognition both locally and internationally. Furthermore, Miami's influence has expanded beyond its borders. Iconic New York brands and restaurants are now opening outposts in South Florida, while Miami brands are making a mark in New York and Las Vegas. This exchange of culture and ideas has created a vibrant and dynamic real estate scene. As South Florida continues to grow, it is crucial to make thoughtful policy and planning decisions. These choices will have a profound impact on the region's future, including climate resiliency, affordable housing, and creating a livable and accessible 21st-century region. South Florida's unique natural assets, from the ocean to the Everglades, offer endless possibilities for creating a region that is envied by all. We are excited about the opportunities that West Palm Beach presents, and we believe that our expansion in this area will further strengthen our presence in the South Florida Real Estate market. We look forward to sharing more details with you in the near future.

We are starting to see it happen. Tenants are entering the market given news about their building possibly undergoing a conversion. These tours are still few and preliminary, but they are beginning. A hope from real estate owners is that as more conversions happen, demand will increase and availability will come down. Time will tell how this unfolds but it's true that Manhattan has too much office space and too few residential options for a city that is still thriving. #commercialrealestate #realestate #development #officespace

188 Avenue Rd. is an 8300 sq. ft office building for sale minutes from Yorkville, the Mink Mile and Downtown Toronto. Zoned Commercial-Residential the building has incredible potential for many uses. Doctors, lawyers, accountants, fashion, retail and more can all call this building home. This 3-story building was completely renovated in 2002 and features a rare 12 parking spots and rooftop deck. Located just north of Davenport on Avenue Rd. this prestigious location is for business owners looking to make a statement and be in close proximity to the some of the city's most affluent neighbourhoods and businesses. It's very rare that a building of this size, with over 53 ft of frontage on Avenue Rd. becomes available, in fact its the first time in over 22 years this building has been listed for sale. Here's the hidden potential that many overlook. This property sits on a prime potential development site. With a 20-story building completed to the south and a proposed 35 story development at the corner of Avenue & Davenport, Avenue Rd is being redeveloped for greater density. Imagine owning your own building, stop paying rent, benefit from appreciating property values over time and knowing that one day a developer will come knocking on your door and may be ready to pay a premium price for your property. If you're looking for a new home for your business check out www.188avenuerd.ca or send me a message for more information. #torontorealestate #investmentopportunity #Officebuilding #hiddenpotential

With the commercial real estate crisis hitting many cities (some office buildings selling for 50% discount). It's good to see that Chicago will be repurposing vacant office buildings in the old financial district, LaSalle Street (aka. Wall Street of the Midwest or "The Canyon") Including renovating the Chase tower w/ more than 7,200 employees. This should help drive more traffic to businesses downtown which took a big hit during the pandemic. More housing, dining & amenities. #Chicago is really a neat city and there is so much potential to further improve. #finance #realestate

Boston's first office to residential conversions are underway, and success hinges on several critical factors. Building vintage, location (including access to transportation and proximity to food sources), and floor plates all play a key role in the outcome. As the city continues to evolve, it's exciting to see these transformations take shape. Find these properties using Trepp, Inc. tools. #BostonDevelopment #RealEstate #ResidentialConversions https://lnkd.in/efMM9YM2

What to Look for in a New Build Property in London. London’s skyline continues to evolve, with new developments popping up across the city. But what should you keep in mind when buying a new build property? Developer Reputation: Research the track record of the developer to ensure quality and reliability. Warranty and Guarantees: Most new builds come with a 10-year warranty—make sure this is included for peace of mind. Energy Efficiency: Many new homes boast cutting-edge eco-friendly features, saving on energy bills and reducing your carbon footprint. Location & Amenities: Look for developments in thriving areas like Canary Wharf or Nine Elms, where modern living meets excellent transport links and lifestyle perks. At Johns&Co, we specialise in helping buyers navigate the dynamic new build market. Let’s help you find a home that ticks all the boxes! #LondonNewBuilds #PropertyInvestment #JohnsandCo

EG Funds historic Mungo Scott Building sold $23.8m to private investors - Knight Frank Australia & GPS EG’s Mungo Scott Building situated within the award-winning Flour Mill of Summer Hill precinct, sold by Jonathan Vaughan, Anthony Pirrottina, Demi Carigliano from Knight Frank, and Jason Wright, Chris Bailey and Liz Assadourian from GJS Property brokered the on-market transaction. Sean Fleming Head of Capital Transactions at EG Funds, said, “Investors value high-quality commercial buildings, even outside of the Sydney CBD, and this transaction signals the appetite that continues to exist for unique heritage office space which has been successfully repositioned and attracts a diverse tenant base”. Originally constructed in 1922, the site underwent a major transformation through the site redevelopment and a repositioning of multiple heritage buildings and was completed in 2019. The urban project introduced apartments, townhouses, and retail spaces. The historical Mungo Scott Building, a six-storey building with the original signage, underwent a $10.5 million repositioning to office and retail space. Knight Frank’s Anthony Pirrottina said the Mungo Scott building was a timeless investment proposition with immediate and long-term upside. The historical site won the NSW AILA Architecture Awards for Urban Design and was a finalist in the UDIA NSW Excellence in Urban Renewal/Adaptive Reuse category. The property was purchased by a Sydney-based private investor. RETalk Asia James Patterson Sarah Clark Vanessa De Groot Jason Wright Gordon Fallance Angus Grier Paul R. Mark Litwin James Masselos Grant Bulpett Rajandeep Kaur Alex Guilfoyle The ASEAN Developer Stephen Rich Roger Parker Trish Beerens Edward Hillier Daniel Francis Adrian Lee Gemma Moulang Grant Flannigan Sharon Chang Adam Geha Michael Easson #egfunds #knightfrank #sydneyre #sydneyrealestate #sydneypropertymarket #realestateinvesting #realestateagent #realestateinvestor #propertyinvestment #propertyindustry