In the News—Week of June 29, 2026

Thomas Title & Escrow is proud to highlight the successful closing of a $61 million commercial refinance for a multifamily property located in Laveen, Arizona. This institutional-quality refinance required extensive coordination among the borrower, lender, attorneys, title, escrow, underwriting, and numerous third-party service providers. With multiple parties involved across several states, the transaction demanded careful planning, precise execution, and proactive communication to ensure all closing requirements were met on schedule.

The transaction was led by Escrow Officer Joel Montemayor, and Kylie Cook Director of Commercial Services. Their expertise, responsiveness, and attention to detail were instrumental in successfully navigating the complexities of this high-value commercial refinance. At Thomas Title & Escrow, we are honored to partner with clients on sophisticated commercial real estate transactions that require a high level of experience, collaboration, and precision. Congratulations to everyone involved in another successful closing, and thank you for trusting Thomas Title & Escrow to help bring this transaction across the finish line.

AI firms are driving rapid absorption of subleased office space in Manhattan

Sublease office space in Manhattan — a hangover from the pandemic era — is rapidly shrinking as demand rebounds, the New York Post reports. Figures from JLL show sublease inventory fell in the second quarter to under 11 million square feet, down from a peak of roughly 23 million in late 2022. Tech and AI companies are a major driver of the absorption. Some landlords are reclaiming space to lease it directly at higher rents. JLL estimates AI firms have already signed 21 leases totaling about 719,200 square feet in 2026, putting the sector on track to meet or surpass last year’s pace. Several sizable expansions into former sublease space — including deals tied to Tennr, Uber and Bank of Montreal — highlight the shifting balance back toward tighter supply.

CRE foreclosures spike in Texas as Dallas area joins Houston as troubled area

Texas is seeing a fresh spike in distressed commercial real estate, with loans headed to June foreclosure auctions totaling about $1.3 billion — the highest monthly tally since tracking began in 2025, The Real Deal reports. While Houston’s Harris County still produces many of the flagged loans, North Texas is playing a much bigger role this month, including numerous properties tied to Dallas, Collin and Tarrant counties. The mix of troubled assets is widening beyond apartments to include hotels and other property types, reflecting stress in markets like downtown Austin. Notable cases include a major loan linked to The Line Austin hotel, plus large multifamily loans in the Houston and Dallas–Fort Worth areas. Data also show several “repeat offender” properties that have been listed for foreclosure multiple times amid negotiations or legal disputes.

Controversial hotel project in New Orleans moves forward as rezoning gets approval

The New Orleans City Council unanimously approved a zoning change that clears the way for a proposed $600 million, 27-story Omni Hotel across from the Ernest N. Morial Convention Center, WVUE-TV reports. Supporters, including city and tourism leaders, say the 1,000-room project could boost tax revenue and help the city compete for major events by attracting additional conventions. Opponents — among them Warehouse District residents and hospitality workers — warn the development could worsen traffic and strain neighborhood infrastructure while relying on long-term tax incentives that may not translate into better pay. The project would require demolishing the Sugar Mill site, and debate over subsidies and community impact is expected to continue as plans move forward.