In the News—Week of May 4, 2026

Thomas Title & Escrow is proud to highlight the successful closing of a $10.5 million commercial sale involving an asset located in Durango, Colorado. The buyer, a California-based investment entity, acquired the property from an Arizona-based ownership group as part of a 1031 exchange, supporting its continued investment strategy and portfolio growth. This transaction showcased the team’s ability to efficiently manage a multi-party commercial closing, coordinating between out-of-state buyer and seller groups while navigating the added complexities of a 1031 exchange structure. The deal required precise timing, detailed communication, and coordination with the exchange intermediary, legal teams, and brokerage groups to ensure a smooth and timely closing.

Escrow team led the file through closing with strong attention to detail and seamless execution. Business Development Officer Kylie Cook played a key role in supporting the client relationship and bringing this opportunity forward.

This closing is another strong example of Thomas Title’s National Commercial Services platform in action—delivering expertise, coordination, and reliability on complex commercial transactions across multiple parties and jurisdictions.

World Trade Center area asks for office rents nearly as high as any in Manhattan

Twenty-five years after 9/11, office rents for large spaces around the World Trade Center are climbing fast and are now approaching Midtown’s top corridors, the New York Post reports. Landlords say demand has pushed recent lease deals above $100 per square foot, and they expect even higher figures when major space opens up at 7 World Trade Center after Moody’s departure. At One World Trade Center, asking rents reportedly reached the $160 range for penthouse levels, with lower floors priced lower but still elevated. The area’s strong leasing is tied to newer buildings, extensive transit access and a growing mix of tenants across finance, tech and law. Ongoing development, including construction activity for a new 2 World Trade Center tower, is another sign of confidence in Lower Manhattan’s continued reinvention.

Suit accuses developer of shady dealing to acquire ocean-front property in Florida

Deauville Associates, a company tied to the Meruelo family, has filed a lawsuit accusing developer David Martin and several associates of orchestrating a “deceptive and callous” grab of an interest in the oceanfront Deauville site, Hoodline Miami reports. The lawsuit, which seeks more than $100 million in damages, says the disputed transfer went down during a closed-door meeting at family matriarch Belinda Meruelo’s 88th birthday celebration. The lawsuit claims she was manipulated into signing away an ownership stake. The filing names Martin, his TMG 67 Communities vehicle, Terra Acquisitions Florida and multiple Meruelo family members as defendants.

Seattle nonprofit buys historic tower, plans to convert offices into artist lofts

A Seattle nonprofit affiliated with Base Camp Studios is planning to convert vacant office space in the 116-year-old Gibraltar Tower downtown into live-work homes for artists priced below market rate, KNKX reports. The group purchased the eight-story building for $2.8 million and intends to sell some renovated units as affordable housing while keeping other floors for studio space. The project is using Seattle’s Office to Residential Conversion Program, which offers a tax deferral if at least 10% of units are set aside below market value. Once finished, the building could include up to 16 income-restricted homes for people earning up to 80% of the area median income, along with a handful of market-rate units. Organizers say they are still lining up financing and expect construction to take about two years.