News
California's Four-Day Office Mandate Tests Sacramento's Downtown Recovery Bet
1+ hour, 42+ min ago (257+ words) Propmodo California state workers must return to the office four days per week starting in two days, under an executive order from Gov. Gavin Newsom. The mandate doubles the current post-pandemic requirement of two in-person days and three remote days....
Disney's San Francisco Deal Could Help Steady an $850 Million Refinance
3+ day, 1+ hour ago (284+ words) Propmodo Disney Streaming Services is negotiating a lease for 76, 000 square feet on the sixth floor of One Market Plaza in San Francisco, more than doubling its current 37, 000-square-foot footprint at 525 Market Street. The space, formerly occupied by Visa before the…...
Canada's Plan to Turn Distressed Condos Into Affordable Housing Draws Fire
4+ day, 2+ hour ago (233+ words) Propmodo Prime Minister Mark Carney defended a C$1. 45 billion program to acquire more than 2, 200 vacant condominium units in British Columbia and convert them into affordable housing, after the June 18 announcement drew criticism from political opponents and industry groups. The federal…...
Blackstone's Chicago Office Default Shows Distress Continues Despite Recovery
5+ day, 2+ hour ago (273+ words) Propmodo 601 W Companies defaulted on a $343 million Blackstone Mortgage Trust loan secured by One South Wacker Drive, a 40-story office tower in Chicago's financial center. The loan, originated in 2018, reached its maturity deadline on June 9 and required a principal payoff…...
Long-Term Defense Tenant Draws Institutional Buyers to $400 M California Sale
5+ day, 4+ hour ago (347+ words) Propmodo A 634, 000-square-foot office and research campus in Costa Mesa, California, leased entirely to defense technology company Anduril Industries is on the market for roughly $400 million. Invesco and Steel Wave own the property, which serves as Anduril's headquarters under a…...
Co Star's Data Empire Faces a Class Action Challenge
5+ day, 6+ hour ago (557+ words) Franco Faraudo has an MBA in entrepreneurship and has worked with a wide spectrum of technology and real estate organizations on their branding and content strategy. He has worked in real estate as an agent, manager, and investor. He writes…...
California Transit Density Law Opens Door to 1. 5 Million New Units
2+ week, 6+ day ago (340+ words) Propmodo Senate Bill 79, the Abundant and Affordable Homes Near Transit Act, takes effect in July and allows developers to build structures up to nine stories tall near major transit stops in eight California counties. The law overrides local zoning restrictions…...
AI Tenant Demand Drives Manhattan Toward Strongest Leasing Year in Two Decades
2+ week, 6+ day ago (420+ words) Propmodo Manhattan is on track for its strongest office leasing year since 2000, driven by artificial intelligence companies that leased 1 million square feet in the first quarter alone. That volume exceeded all AI leasing in 2024. AI firms captured 56% of tech-sector leasing…...
West Hollywood Pit Project Pivots From Offices to 282 Apartments
3+ week, 6+ day ago (353+ words) Propmodo Developers of the stalled Melrose Triangle site in West Hollywood submitted new plans that replace earlier office-heavy designs with 282 apartments, including 66 affordable senior units, and nearly 100, 000 square feet of retail and restaurant space. The revised project, presented at a…...
Lender Acceptance of 3 D Printed Housing Opens New Construction Finance Path
1+ mon, 3+ day ago (265+ words) Propmodo Wells Fargo announced it will underwrite mortgages on homes built with Icon's 3 D printing technology and offer buyers a 50 basis point lender credit. Icon, the largest player in 3 D construction, had previously struggled to secure traditional mortgage financing for…...