In the News—Week of June 22, 2026
Deal of the Week
Thomas Title & Escrow is proud to highlight the successful closing of a $10.5 million land acquisition within the Oasis at Magic Ranch community in Florence, Arizona. The transaction involved the purchase of the property by Lennar Arizona, LLC, a leading national homebuilder, from RMG Residential 2010, LP, marking another significant investment in one of Arizona’s rapidly growing residential markets. As population growth and housing demand continue to drive development throughout Pinal County, transactions like this play an important role in supporting the expansion of master-planned communities and future housing opportunities. This acquisition positions the buyer to further its residential development efforts in the Florence area, a market that continues to attract both builders and investors seeking long-term growth opportunities. The transaction required extensive collaboration between the buyer, seller, title, and escrow teams to ensure a smooth and efficient closing process. Thomas Title & Escrow was proud to facilitate the transaction and provide the expertise necessary to navigate the complexities often associated with large-scale land acquisitions and development projects. The Thomas Title team was led by Escrow Officer Joel Montemayor and Business Development Officer Justin Wine. Their dedication, responsiveness, and attention to detail were instrumental in bringing this transaction to a successful close. Congratulations to all parties involved in this noteworthy transaction. Thomas Title & Escrow is honored to continue serving as a trusted partner on the deals that help shape Arizona’s future growth and development.
National
Overhaul of New York City’s Penn Station inches closer to a final design, price tag
Amtrak and Penn Transformation Partners have signed a binding pre-development agreement that moves plans for a major overhaul of New York City’s Penn Station closer to a final design and detailed budget, the New York Post reports. The redevelopment is expected to cost roughly $7 billion-$8 billion, with the pre-development phase running through 2027 and including community engagement before the plan is finalized. The joint venture — led by Halmar and Skanska — was recently selected by the U.S. Department of Transportation, which has already committed $243 million to support early work. The concept keeps Madison Square Garden in place while reconfiguring the station with a new Eighth Avenue entrance and a brighter, single-level concourse designed to improve circulation, amenities and the overall rider experience.
National
LA officials fear developer will seek ad dollars first, then work on fixing tower
A proposed $470 million sale of Los Angeles’ graffiti-covered, unfinished Oceanwide Plaza towers has been delayed, pushing a key bankruptcy hearing to July 20 after city officials raised concerns about the buyer’s plan, the New York Post reports. Sources close to the project say the prospective developer, Kali P. Chaudhuri and KPC Square, may be focused on activating a massive wraparound LED billboard first — potentially generating tens of millions in annual ad revenue — while the larger redevelopment remains uncertain. City filings argue the buyer has not provided a detailed, credible roadmap for financing and completing the broader $1 billion mixed-use project, which is intended to include a hotel and luxury residences. The complex has sat partially built since construction stalled in 2019, and it became an international spectacle after widespread vandalism in late 2023. With the 2028 Olympics approaching, pressure is mounting to decide whether the towers will be finished or remain a high-profile blight.
National
Central business districts lag rest of rebound for office properties in U.S.
Office fundamentals improved modestly across the nation in May, Commercial Café reports. National vacancy declined to 17.6% compared with the same time last year, and average asking rents were about $33.61 per square foot. New supply remained limited, with about 28.7 million square feet under construction. The bigger challenge is in central business districts, where value erosion is concentrating: a growing share of recent transactions are distressed, and central business district properties are more likely to trade at steep discounts because many older towers cannot easily adapt to today’s tenant preferences. Hybrid work and sector-specific shocks, such as technology layoffs in urban cores, are keeping utilization soft even as headline vacancy edges down, pressuring downtown pricing and refinancing. As a result, many central business district owners are being pushed toward repositioning, conversions or redevelopment just to stay competitive.
National
Billionaire Ross tries to finalize deal on former IBM campus, plans a ‘micro city’
Billionaire developer Steve Ross is close to finalizing a purchase of Boca Raton, Florida’s Innovation Campus, The Real Deal reports. The Innovation Campus is a former IBM complex spanning roughly 1.7 million square feet across 123 acre. Ross’ firm, Related Ross, said it intends to turn the site into a mixed-use “micro city” by building on surrounding parking lots, leveraging approvals already in place. Those entitlements could allow a large, phased project including more than 1,200 homes, new retail and medical space, entertainment uses and possibly a 140-room hotel. The campus has attracted tenants amid South Florida’s business influx, and the deal would mark another major expansion push for Ross beyond West Palm Beach.
Arizona
Greater Phoenix office market show signs of improvement as vacancies fall to 16.4%
Signs are emerging that the Greater Phoenix office market is rebounding, AZ Big Media reports. Figures from CommercialCafe’s May market report show vacancy fell to 16.4% — about 100 basis points lower than a year ago and below the U.S. average. Average asking rents climbed 4.1% year over year to $29.65 per square foot. Investors have also been active, with $521 million in office sales through the first five months of 2026, even as new construction remains limited at roughly 600,000 square feet underway. The report ties the metro’s momentum to a “flight to quality,” hybrid work stabilization and demand supported by a broadening economy, including semiconductor-led growth.
Arizona
Waymo pays $220 million for facility to test, train company’s driverless cars
Waymo has purchased a 5,500-acre proving ground in Wittmann for its autonomous vehicles, a major expansion of its testing and training capacity, AZ Big Media reports. The company paid about $220 million for the property. Wittmann is about 15 miles northwest of Surprise. The site includes a large mock city course, dynamic areas, an oval track and a dedicated freeway segment designed for real-world driving simulation. Waymo says the facility will be used for controlled testing, rider-only trials, motion-control work and operational training as it scales robotaxi service nationally. The acquisition builds on Waymo’s growing Arizona footprint, alongside its Mesa manufacturing operations, and positions the state as a key hub for autonomous-vehicle development.
