In the News—Week of March 10, 2025
Deal of the Week
Thomas Title & Escrow facilitated the $24.5 million sale of Miller Plaza, a prime commercial property in Scottsdale, AZ. This transaction highlights our expertise in navigating complex, high-value deals with precision and efficiency. Kudos to Teri Guevara and our dedicated team for ensuring a seamless closing!
National
Notre Dame University surrenders historic Chicago building to New York Life Insurance
The historic Railway Exchange Building in Chicago, designed by legendary architect Daniel Burnham in 1904, has been surrendered by the University of Notre Dame to New York Life Insurance, CoStar reports. The 18-story Beaux Arts structure, featuring a distinctive terra cotta exterior and glass-topped atrium, currently faces a 33% vacancy rate. Notre Dame had owned the building since 2006, purchasing it for $53 million with Hamilton Partners before later buying out Hamilton’s stake. The building holds particular historical significance as it served as Burnham’s own office, where he enjoyed panoramic views of Michigan Avenue and Lake Michigan until his death in 1912.
National
Texas bill would bar individuals who live in China, Iran, others from buying real estate
Texas Senate Bill 17, currently under discussion by the Senate Committee on State Affairs, aims to prohibit individuals from countries deemed national security threats from purchasing real estate in Texas, KXAN-TV reports. The bill specifically targets residents of China, Iran, North Korea and Russia, though it would not affect U.S. citizens from these countries. Sen. Lois Kolkhorst emphasized that the bill has been refined from a previous version to protect legal citizens, dual citizens and refugees. However, organizations such as Asian Texans for Justice strongly oppose the legislation, arguing it could lead to discrimination and racial profiling against Asian Americans and immigrant communities.
National
Seminole Tribe fund makes first foray into LA, buys 144-unit apartment complex
The Seminole Tribe of Florida has expanded its real estate portfolio with the purchase of a significant apartment complex in Los Angeles’ Miracle Mile area, the Los Angeles Times reports. The Vinz on Fairfax, featuring 144 residential units, was acquired for $68.4 million, marking the tribe’s first investment in Southern California. This purchase represents a strategic expansion beyond the tribe’s traditional casino operations, as part of their sovereign wealth fund established in 2020. The tribe’s commercial real estate division, which has invested over $500 million since its inception, now manages a portfolio of 2,000 apartment units across a dozen developments throughout the United States.
National
Blackstone changes focus, seeks loan to acquire Manhattan office building
Blackstone, the world’s largest alternative asset manager, is pursuing an $800 million loan to acquire a stake in a prestigious Manhattan office building at 1345 Avenue of the Americas, Reuters reports. The 50-story building has shown remarkable resilience post-pandemic, maintaining 96% occupancy and securing long-term tenants such as global law firm Paul, Weiss, Rifkind, Wharton & Garrison. This investment marks a strategic shift for Blackstone, which had previously reduced its office real estate exposure to less than 2% of its portfolio, down from 60% in 2007.
Arizona
Taiwanese semiconductor maker plans to invest $100 billion in Arizona chip production
TSMC has announced a substantial $100 billion investment plan for new chip production facilities in Arizona, UPI reports. The Taiwanese semiconductor giant’s CEO, C.C. Wei, met with President Trump at the White House to discuss this major expansion of U.S.-based operations. This investment builds upon TSMC’s previous commitments in Arizona, which included two facilities, with the first already producing chips for Apple products. The announcement comes amid ongoing efforts to strengthen domestic semiconductor production.
Arizona
Mayo Clinic to spend $1.9 billion, expand clinical space at Phoenix facility by 60%
Mayo Clinic has announced a $1.9 billion expansion project for its Phoenix campus, AZ Big Media reports. The expansion will add 1.2 million square feet of space, including operating rooms, patient units and a two-story indoor promenade connecting buildings. The project will increase the clinical space by nearly 60%. Set for completion in 2031, this transformation represents Mayo Clinic’s largest investment in Arizona and aims to establish new standards in patient care. “Through this work, we are physically and digitally transforming health care and blurring the lines between inpatient and outpatient care,’’ says Gianrico Farrugia, president and CEO of Mayo Clinic.
