Turner Construction Company’s Post

California Bank & Trust is moving its Los Angeles headquarters one block up to Aon Center, the third-tallest building in the city. The bank signed for 28,600 square feet at Carolwood.’s 62-story tower at 707 Wilshire Boulevard. California Bank & Trust’s operations will move from LBA Realty’s KPMG Center one block away at 550 South Hope Street. Colliers brokered the lease agreement. Read more: https://lnkd.in/eMPhWN5B Pictured: (clockwise from top left) Carolwood's Adam J. Rubin; Colliers' Matthew Heyn, Ian Gilbert, and Adam Tischer

The Wells Fargo Center in downtown Minneapolis, the city’s third-tallest building, just sold for $85 million. In 2019, the building had sold for $315 million. That's a 73% drop in value over five years. Why? Historically, the building has been 95% leased since 1988. Currently, it is 62% leased. (Source: Finance & Commerce)

January has kept commercial real estate on its toes. 🌎 Donald Trump is back in the White House 💷 UK long-term borrowing reaches a 20-year high 🤖The UK’s largest data centre is confirmed 📉 Goldman Sachs take a bullish stance on rate cuts ✈️ Heathrow's third runway makes headlines yet again 'Change is the only constant' says our Head of Research & Strategy, Vanessa Hale Against this dynamic backdrop, Vanessa outlines seven key themes to watch this year, spanning everything from climate action and AI innovation to the revival of in-person retail and the evolution of office spaces.  ➡️ Get her take on what's shaping the future of real estate here: https://lnkd.in/e68vcgbt

Wells Fargo’s decision to sell its iconic 420 Montgomery Street headquarters marks a significant shift in the San Francisco office market. As the company pivots to the East Coast, this move reflects broader trends in the Bay Area’s evolving commercial real estate landscape, signaling potential challenges and opportunities for the city's financial district. https://lnkd.in/g2kESCQx

Metropolitan Commercial Bank has signed a 15-year lease to expand from 55,200 square feet to 81,979, and renewed its office space at Global Holdings Management Group's 99 Park Avenue. JLL’s Paul Glickman (pictured) and Diana Biasotti (pictured) negotiated on behalf of Metropolitan Commercial Bank while Kristen Morgan and Harrison Potter, also from JLL, handled the deal for Global Holdings. Read more: https://lnkd.in/eptTNXVd

PUT IT IN THE BANK VAULT: 807 Bank Street in Canarsie, #Brooklyn is officially 100% leased! Hats off to our clients, Turnbridge Equities and Dune Real Estate Partners on the successful lease up of their 172,000 SF #LEEDPlatinum Class A #logistics facility built by the amazingly talented team ARCO Design/Build. Meeting the demands of the service companies who keep #NYC running, 807 Bank Street is a terrific example of what happens when forward thinking developers overcome the odds despite the myriad challenges that inevitably go hand in hand with development deals in the #Boroughs - Acquiring an off-market assemblage? ✔ Remediating contaminated soil? ✔ Removing obsolete, #greenhouse gas spewing buildings from the inventory supply? ✔ If leaving a place better than you found it can be considered one of the metrics of a successful Boroughs development deal, then this one deserves extra accolades. The proof is in the pudding with our final tenant, Otto Environmental Systems, who was drawn to the asset by its thoughtful, energy efficient design (hello, #solarcanopy!) and strategic location, where they will fulfill their mission to clean up the streets of NYC – fighting the war on rats while creating dozens and dozens of permanent full-time jobs for New Yorkers. Welcome to New York, OTTO – we are so lucky to have you! #environmentaljustice #theindustrialrevolution #jobcreation #workplacestrategy #industrialdevelopment Rico T. Murtha Gurpreet S. Joseph Hentze Jr. Mindy Lissner Bill Waxman Amanda Gerhardt Gus Weaver Cushman & Wakefield

Interesting pending purchase on Park Avenue by JP Morgan in partnership with Hines Interests. Purchase Price: $300,000,000 ($552/SF) Total Class A (???) Office Space: 543,292 SF Current Vacancy: 156,000 SF (29%) With average rent in Midtown circa $80/RSF rate net of operating costs and taxes and JP Morgan's ability to drive leases into the building, this is a nice deal for the bank. 250 Park Avenue is well located on Park Avenue, just north of the Met Life Building and Grand Central Station. Of course, numerous elements determine actual rents negotiated in new leases unique to this property and the market.

Big news from Philadelphia! 🚨We’ve completed a 4-year loan extension for the iconic 1600 Market Street in Center City. This milestone not only extends the property’s loan maturity but also increases the future lease funding line, ensuring this premier asset is fully capitalized and poised for long-term success.   Our unwavering commitment to 1600 Market Street and its repositioning efforts is further demonstrated by a significant additional equity investment. This achievement secures the building’s status as a premier choice for high-quality tenants seeking stable ownership, superior amenities, and a prime location.   A huge thank you to our partners—Natixis Investment Managers, BlackRock, and J.P. Morgan. This extension reinforces our ability to navigate today’s complex commercial real estate landscape and provides a solid foundation for continued leasing momentum.   Check out more details about the extension here https://bit.ly/4ajCmam and explore this landmark building and current leasing opportunities on 1600 Market Street here: https://bit.ly/4jcOkH7. #RealEstate #Philadelphia #InvestmentSuccess #CommercialRealEstate #AREP

Our CEO Andrew Wooler shares his thoughts in Green Street News on how the evolution of the commercial real estate sector into a more operationally intense asset class has forced companies to invest in a diverse range of skills, in order to provide a first-rate tenant experience whilst also maximising revenue.  

While Africa's real estate markets may lag more developed and more mature markets, the sentiments and trends expressed here in terms of skills and demands of operational RE by Andrew Wooler are notable in key sectors and jurisdictions.