Presenting the Power 100 for 2022! – Commercial Observer

hot enough for you? Seriously, the spring heat is usually a harbinger of Commercial Observer’s power season. Fresh from our Power Finance list two weeks ago, CO now presents its Power 100, our annual ranking of the 100 most important people in commercial real estate, which we released last week.

In a move that would come as no surprise to anyone reading the news, Blackstone’s Ken Caplan and Kathleen McCarthy recaptured first place. And it’s pretty clear why from just a small fraction of the company’s activities over the past year: The $6 billion acquisition of Extended Stay America (along with Starwood Capital Group); the $3.1 billion purchase of WPT Industrial Real Estate Investment Trust; and on the multifamily side, the $3.7 billion Resource REIT purchase and the $3.6 billion Bluerock Residential Growth REIT purchase, to name a few.

So it seemed like a battle for second place and SL Green Realty came out on top. There’s 1 Vanderbilt, which opened in the midst of the pandemic and is 97 percent occupied; to block IBM as the anchor tenant of 328,000 square feet at 1 Madison Avenue; and SL Green, which is moving into its first office building since 2018 with a $445 million purchase of 450 Park Avenue.

It’s worth going beyond the top 10 (or just finding out where you landed on the list) to read about the impressive work others have done over the past year.

Industry has been a must for real estate during the pandemic. This continued over the past year as the CEO of the country’s largest owner of industrial assets, Prologis, moved up from 18th to fifth place.

Politicians also returned to the list this year, with Gov. Kathy Hochul (No. 6) and Adams (No. 33) striking a much friendlier tone on the real estate industry (so it’s not surprising that many real estate professionals got into politics). 2021).

And one thing remained clear when speaking to people for the Power 100 list, and that was that Class A office space was a commercial real estate winner during the pandemic.

“So when you think of future tenants in New York, what will they want? They’re going to want open spaces, they’re going to want amenities, they’re going to want that intersection of the historic and the 21st century,” said Robert Lapidus, CEO of L&L Holdings, during an interview for the Power 100.

Again with the COVID

In rates we hoped we were done typing, cases of COVID-19 in New York City and much of the country have been steadily increasing again, largely due to Omicron variants.

New York has started recording 4,000 new cases a day — but that number is likely higher because it doesn’t account for home testing — and nearly 800 people are currently hospitalized with COVID-19, according to city and state data.

New York City’s COVID risk level has been listed as “high” by officials, and it’s recommended that people dress up indoors again. Despite the rising numbers, Mayor Eric Adams said he doesn’t expect to bring any mandates back until “there comes a time where our hospitals are in a state of emergency or we’re trending in that direction, and my doctors who run the hospitals say.” me, that’s what we have to do,” aloud The New York Times.

That hasn’t stopped some companies from postponing their long-awaited return-to-office plans, however. Apple told employees it would be pausing “for now” allowing workers to go into the office three days a week, which was due to start on May 23, as COVID cases mount, Bloomberg reported. The plan is still to reclaim employees two days a week.

Adam’s unwillingness to bring back COVID mandates could earn him mixed reviews, but his other comments this week are sure to earn him even more real estate friends.

The cocky mayor criticized the New York City Public Works Department to a crowd of real estate members at a The only true event and said the DOB should “roll out the red carpet” for developers.

“You might think that if we’re going to build in our city, we’re doing something wrong,” Adams told the crowd. While Adams seemingly portrays himself as the Bizarro de Blasio in the real estate industry, the city may not be done with de Blasio’s prim. The former mayor announced Friday that he plans to run for Congress in the redrawn 10th Ward, which includes Lower Manhattan and parts of Brooklyn such as Dumbo, Prospect Heights and de Blasio’s home neighborhood of Park Slope.

And now for some bargains

Brookfield Properties has signed its first lease for the 660 Fifth Avenue office tower it is renovating after acquiring it from Kushner Companies in 2018, with financial services firm Macquarie Group closing for 221,764 square feet.

But Rudin Management and Boston Properties weren’t so lucky with their Dock 72 project at the Brooklyn Navy Yard. After speculation that Vice Media Group would ditch its Williamsburg, Brooklyn offices for Dock 72, the firm instead signed a four-year extension for its 77,700 square feet at 289 Kent Avenue.

Industrial sector strength continued as Link Logistics bought a warehouse in the Bronx for $75 million and EverWest Real Estate Investors acquired an industrial warehouse in New Jersey for $65 million.

Meanwhile, CBRE doubled its flexible office space by investing an additional $100 million in Industrious, while Cushman & Wakefield acquired the three-office team from Los Angeles-based Cresa Partners.

Dive into some longer stories

What better way to spend a lazy Sunday than catching up on some of the longer CO features?

This week we looked at the luxury development boom happening in Miami’s Bayfront Edgewater neighborhood, which has increased dramatically over the past five years.

And in less positive news, we’ve looked at how venture capitalists have started to narrow their funding to tech startups and why that could be bad for office leasing as these companies have pushed leasing lately.

Until next week!

Leave a Comment