In the News—Week of April 14, 2025

Scottsdale, Arizona-based Zoned Properties added a new asset in Columbus, Ohio to its growing portfolio of properties for the cannabis industry. The former office building has been converted for use as a dispensary by a national cannabis company, which lease Zoned arranged prior to closing. The 22,500-square-foot building is located near the German Village, just south of downtown Columbus. Financing was provided by the team at First Fidelity Bank in Scottsdale. The $2,500,000 transaction was closed by Senior Commercial Escrow Officer Bryan Selna and Underwriting Counsel Chadwick Campbell in our Scottsdale office.

Los Angeles’ so-called mansion tax raises less than projected for affordable housing

A recent UCLA study reveals that Los Angeles’ Measure ULA, a tax on property sales over $5 million implemented in 2023, has generated over $632 million for affordable housing but has negative effects, the Los Angeles Times reports. The research shows a significant decline in commercial property transactions, with nonsingle-family sales dropping 30% to 50% over two years in affected areas. While the measure has survived legal challenges and continues to generate revenue for housing initiatives, it falls short of initial projections of $900 million annually. The study’s authors suggest reforming the tax to target long-held properties and exempting multifamily developments to better serve the city’s housing needs.

99 Park Avenue in Manhattan near capacity after union-owned bank takes multiple floors

Global Holdings’ 99 Park Avenue in Manhattan has reached 98% occupancy following Amalgamated Bank’s significant 94,045-square-foot lease agreement, the New York Post reports. The union-owned bank is moving from its long-time Seventh Avenue location to occupy multiple floors, including a private ground-floor entrance, under a 15-year lease. The building’s success follows a $30 million renovation program that includes modernizing the art deco facade and adding premium amenities like a speakeasy and golf simulator. This lease, along with recent deals from companies like Geller & Co. and Garan, demonstrates strong demand for the 1950s-era property.

Brazilian investment bank lease sets record for Miami office market

Brazilian investment bank Banco Master has leased a significant office space in Miami, setting a city record at nearly $200 per square foot, CoStar reports. The bank’s acquisition of 27,000 square feet across two floors at 830 Brickell marks the full occupancy of this 57-story tower, which opened in 2024 as Miami’s first new Class A+ office building in over a decade. The development led by OKO Group and Cain International has attracted numerous prestigious tenants, including Microsoft, Citadel and several major financial institutions.