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July 31, 2024

Return To 'Glory': Finance Giants Are Doubling Down On Park Avenue

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Around lunchtime on a Thursday, Park Avenue bustles like few other areas of New York City. The greenery-lined corridor is filled with executives taking calls between meetings and first-year analysts eating lunch outside, laughing despite likely having to work into the night. 

Existential questions about the future of office buildings continue to swirl, but those doubts have disappeared in this iconic stretch of Midtown Manhattan, where titans of finance are gobbling up some of the most expensive workspace in the world. 

Return To 'Glory': Finance Giants Are Doubling Down On Park Avenue

“There's something classic and powerful about the address. That matters for people,” said Winston Fisher, whose family’s firm owns 299 Park Ave. and Park Avenue Plaza. “Don't get me wrong. It's great to be on Ninth Avenue, but it doesn't ring the same as Park…

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This Week's N.Y. Deal Sheet

Much of the activity in the New York City commercial real estate market over the past week was centered in office-to-residential conversions as excitement mounts in the development community about the projects.

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This Week's N.Y. Deal Sheet

David Werner Real Estate Investments and Lloyd Goldman’s BLDG Management acquired 100 Wall St., a 464K SF office building, for $116M, PincusCo reported. Werner had been in talks with buyer Barings since April, per previous reporting from The Real Deal. The deal closed last week. Barings…

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Small Banks Say They Avoided A CRE Crisis. That Doesn't Mean They're Lending Again

Since last year, experts warned that a wave of commercial real estate loan maturities was likely to create systemic issues among local and regional banks that could lead to a slew of failures.

Except that has yet to happen. After five banks failed in 2023, spurred on by the demise of Silicon Valley Bank in March, there has only been one bank failure thus far in 2024 — Republic Bank. 

Small Banks Say They Avoided A CRE Crisis. That Doesn't Mean They're Lending Again

Tom Cornish, the chief operating officer of Florida-based BankUnited, said the commercial real estate that backs the loans made by community and regional banks aren’t the loans in trouble.“For the most part, regional and community banks tend to be bigger lenders of the suburban office market. And suburban has performed much…

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For Drugmakers, Outsourcing In The U.S. Brings Biomanufacturing Building Boom

For Drugmakers, Outsourcing In The U.S. Brings Biomanufacturing Building Boom  

Big growth in Big Pharma, specifically for drugmakers that produce the popular weight-loss drugs known as GLP-1s, has touched off a new run on real estate for biomanufacturing sites.

Contract development and manufacturing organizations, or CDMOs, which do this type of manufacturing, are coming back to the U.S. and are expected to grow quickly, JLL Life Sciences Contract Organizations Leader Charlie Hoff said. 

He projects the industry will double globally by 2033, which means more large manufacturing operations opening up in the U.S. and a corresponding number of significant land and development deals. 

“We're seeing a huge influx in the U.S.,” Hoff said. “Time is money, and big firms are competing to see how fast they can get drugs to market.” 

Major examples of recent deals in this realm include  Novo Nordisk’s $16B purchase of Catalent,  Lonza’s $1.2B buyout of a Bay Area manufacturing site, and  Fujifilm Diosynth’s $1.2B expansion in the Research Triangle. These deals all point to rising demand for domestic plants that outsource drugmaking.  A…

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