In the News—Week of May 5, 2025
Deal of the Week
Leclair Equities, a Phoenix-based investment firm, recently completed the $8.25 million acquisition of a 6.15-acre parcel of land strategically positioned near Loop 202 and 40th Street in Phoenix, Arizona. Spanning approximately 267,894 square feet, the site is earmarked for the development of a multi-tenant industrial building—further strengthening the area’s reputation as a burgeoning industrial hub. Its prime infill location and proximity to key transportation routes enhance the project’s strategic appeal and long-term value. The transaction was seamlessly executed by Senior Commercial Escrow Officer Joel Montemayor, with Director of Commercial Sales Kylie Cook providing essential support throughout the process. Their collaborative efforts ensured a smooth closing, reflecting the continued momentum and confidence in Phoenix’s industrial real estate market.
National
Workers are showing up to the office more often but well below pre-pandemic levels
Recent data reveals a gradual recovery in office attendance across major U.S. cities, Commercial Search reports. Figures from March 2025 show visits still 32.2% below pre-pandemic levels but demonstrate steady improvement. New York City and Miami are leading the recovery, while cities like Boston, Washington, D.C., and San Francisco show significant year-over-year growth. Companies are implementing various strategies to encourage return-to-office from mandates to offering perks like event tickets and enhanced office amenities. The trend indicates a shift toward more flexible office spaces for smaller companies.
National
Skyscraper proposed to replace NYC hotel that housed migrants before mayor closed it
A redevelopment proposal has emerged for the historic Roosevelt Hotel in New York City, which recently served as a migrant shelter processing over 173,000 individuals, the New York Post reports. Burkhan World Investments is offering to build a massive tower while allowing the current owner, Pakistan International Airlines, to maintain a 50% stake. The proposed tower could reach up to 1.3 million square feet through air rights acquisition, comparable in size to prominent buildings like 55 Hudson Yards. The 101-year-old hotel closed its shelter operations in February 2025 following Mayor Eric Adams’ announcement. The proposal, which would involve a 99-year ground lease with an option to extend, is pending review by Pakistan’s Cabinet Committee on Privatisation.
National
53-story residential tower in downtown LA receives green light from planning commission
A proposed 53-story residential tower to be built atop an existing parking structure in downtown Los Angeles has received planning commission approval, the Los Angeles Times reports. The proposed tower, which could begin construction by 2027, would add 466 residential units ranging from studios to three-bedrooms at the Bloc, a mixed-use complex. The Bloc, formerly known as Macy’s Plaza, underwent a major renovation after 2013 that transformed it from a dated indoor mall into an open-air complex with direct subway access. This residential addition comes at a crucial time as Los Angeles faces a housing shortage, with multifamily construction declining by 22% and vacancy rates dropping to 5%.
National
Blackstone to buy most of Crow Holdings portfolio of industrial properties in Texas
Blackstone Real Estate is set to acquire a massive Texas industrial portfolio from Crow Holdings in a $718 million deal, securing a 95% stake in approximately 6 million square feet of industrial space across 25 buildings in Dallas and Houston, CoStar reports. Despite market volatility and economic uncertainty, Blackstone remains confident in the logistics sector, where they already own $90 billion worth of warehouses in North America. The Dallas-Fort Worth region, which experienced substantial industrial development in the past three years with 145 million square feet added, is seeing a shift toward build-to-suit projects and smaller buildings as vacancy rates exceed 9%. The deal, expected to close by mid-2025, represents a significant investment in what Blackstone considers some of the best-performing U.S. industrial markets. Crow Holdings will retain a 5% stake in the portfolio.
Arizona
Arizona State University’s business school will offer degree in real estate and applied finance
Arizona State University’s W. P. Carey School of Business is launching a Bachelor of Science degree this fall in real estate and applied finance, AZ Big Media reports. Real estate contributes about 17% of Arizona’s GDP. The program will combine financial analysis with hands-on experience through site visits, immersive projects and industry partnerships via the W. P. Carey Center for Real Estate and Finance. Students will gain practical skills for careers in real estate investment, development, brokerage and project management, with access to faculty mentorship and real-world market analysis opportunities.
Arizona
Former corporate center in Tempe being converted to an industrial park
Creation and LGE Design Build have begun construction on Nexus Commerce Center, an industrial development project in Tempe, AZ Big Media reports. The site was formerly the Elliot Corporate Center and anchored by the University of Phoenix. Plans call for a 273,000-square-foot Class-A industrial park with three modern buildings. Located strategically near major highways and Phoenix Sky Harbor International Airport, the development aims to meet the growing demand for high-quality industrial space in the region.
