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More than 1.4 million square feet of inventory has been converted to data centers since 2008 in the region. The pace of conversions has averaged 273,725 square feet since 2015, chipping away at nearly 2% of supply each
In conjunction with the EdR purchase, Blackstone Real Estate Income Trust, Inc. and partner Greystar Real Estate Partners also reported they had closed on the $1.2-billion purchase of EdR's student housing portfolio.
If the STEM high school project at the former IBM Somers property secures all approvals and lease negotiations are finalized, the lease transaction and the subsequent adaptive reuse project would be the largest of their kind in memory in Westchester County.
Dermody's acquisition of Fremont Center is consistent with its strategy of acquiring value-add, functional, in-fill logistics and light manufacturing assets in tier 1 markets such as Fremont.
Driven by large renewals, sizeable new leases and substantial tenant move-ins, class-A office buildings continue to lure users looking to attract and retain employee talent, and as a result, drive up rents.
Mason Tenders renewed 40,000 square feet and Entertainment Benefits Group signed on for 12,769 square feet at GFP Real Estate's Midtown office building.