Occupancy was up by 20 basis points from the fourth quarter to 93.5 percent.

Construction is scheduled to begin in the middle of 2026.

The billionaire will serve as the executive chairman of the firm.

Demand has pulled back after being one of the hottest office recovery markets in the country.

The slowdown could continue if tariffs remain in place.

The joint venture will target properties with low rents, high vacancies and operational inefficiencies.

The second phase of the project is set to begin as the development has been in the works for more than a decade.

Also, a slowdown in developments could bring short-term negative and positive impacts.