In the News—Week of June 16, 2025
Deal of the Week
In partnership with our NCS NY office, Thomas Title & Escrow successfully closed the refinance of a premier commercial property in the heart of Downtown Phoenix for $74 million. The asset, located at 150 W Adams Street, sits within the dynamic Downtown Phoenix submarket and is held by PHX Investment Properties, LLC, a Delaware-based investor.
This transaction reflects continued confidence in the Phoenix metro’s thriving commercial landscape and underscores our team’s ability to execute complex, high-value deals.
Special thanks to Senior Commercial Title Officer Teri Guevara and our dedicated support teams across title, search, and recording for their seamless coordination. It’s always a privilege to support our clients alongside valued partners like Aareal Capital Corporation and our national Stewart Title network.
National
Florida enacts laws strengthening rights of property owners in dealing with squatters
Florida Gov. Ron DeSantis has signed two new bills strengthening property owners’ rights against unauthorized occupants in commercial properties, hotels and motels, WHTS_TV reports. The legislation allows commercial property owners to request expedited removal of squatters through local law enforcement and permits police to remove individuals who overstay at hotels without payment. While receiving bipartisan support, some lawmakers expressed concerns about the potential impact on homelessness without providing alternative solutions. The laws, effective July 1, 2025, position Florida as one of the strictest states regarding anti-squatting measures.
National
Tower that was home to headquarters of Ernst & Young converts to residential
The iconic 38-story tower at 5 Times Square, formerly Ernst & Young’s headquarters, will be converted from office space to residential units, the New York Post reports. The ambitious project, approved by Empire State Development, will create 1,250 new homes, with a quarter designated as permanently affordable housing for New Yorkers. The conversion reflects the changing landscape of post-pandemic New York City, where many office buildings face high vacancy rates. Construction is set to begin in late 2025, with the first phase expected to complete in 2027, marking a significant step in addressing the city’s housing crisis through innovative public-private partnerships.
National
Desert near Reno sees a boom as tech giants build data centers to support AI processing
The high desert east of Reno, Nevada, is becoming ground zero for one of the world’s largest concentrations of data centers, MIT Technology Review reports. Google, Microsoft, Apple and others are flattening foothills and pouring foundations for massive computing facilities, driven by an insatiable appetite for artificial intelligence processing power. The digital gold rush in America’s driest state raises questions about water and energy resources. The scale of development is staggering: companies have requested nearly six gigawatts of electricity capacity for data centers in the region within the next decade. Construction crews are currently building approximately 13 million square feet of facilities — equivalent to five Empire State Buildings laid flat. This unprecedented boom, centered in the sprawling Tahoe Reno Industrial Center, threatens to strain Nevada’s already limited water resources and transform the greater Reno area into one of the largest data-center markets globally.
National
CRE markets in Wisconsin’s largest metro areas have remained remarkably steady
The Milwaukee and Madison commercial real estate markets demonstrate remarkable stability despite economic uncertainties, supported by their strong workforce, strategic location and affordable costs, RE Journals report. The development landscape remains active but measured, with developers carefully matching supply to demand rather than overbuilding. Multifamily properties in both cities are experiencing peak demand from investors and tenants, driven by the region’s combination of job opportunities and quality of life. However, developers and investors face challenges from volatile interest rates and construction costs, though deals continue to move forward due to limited market opportunities.
Arizona
JW Marriott Desert Ridge Resort & Spa sells for $865 million after adding a water park
Trinity Investments sold the JW Marriott Phoenix Desert Ridge Resort & Spa, Phoenix’s largest resort property, to Ryman Hospitality Properties for $865 million, AZ Big Media reports. The sale follows Trinity’s 2019 acquisition of the property for $602 million and a subsequent $100 million renovation for the 950-room hotel. The renovation included extensive upgrades to the lobby, guest rooms and dining facilities, and adding a water park complex. “This sale is a prime example of how Trinity’s proven value-add platform and successful repositionings continue to drive enhanced operational and financial performance through active asset management,” says Sean Hehir, Managing Partner, President and CEO of Trinity.
Arizona
Popular chain Dutch Bros Coffee moving its headquarters from Oregon to Phoenix area
Dutch Bros Coffee, the popular coffee chain founded in Oregon in 1992, has announced plans to relocate its headquarters to the Phoenix area, KTVK-TV reports. The move comes under the leadership of CEO Christine Barone, an Arizona native, who took the helm in January 2024. This strategic relocation aims to support the company’s continued national expansion, which recently celebrated the milestone of opening its 1,000th drive-thru location. The company, known for its energetic staff and philanthropic initiatives, currently operates nearly 90 locations in Arizona. No specific location of the new headquarters has been disclosed. The company was founded in Grants Pass, Oregon, in 1992.
