In the News—Week of November 24, 2025
Deal of the Week
Thomas Title & Escrow is proud to announce the successful closing of a $1.63 billion commercial refinance supporting the ongoing Snowflake Solar project in Navajo County, Arizona. This complex refinance was facilitated by the Stewart Title Energy and Infrastructure Group along with the coordinated efforts of our exceptional team Teri Guevara, Melissa Thacker, Steven Blank, and Eric Stewart. This notable transaction reinforces Thomas Title & Escrow’s continued support of major energy infrastructure projects across the Southwest and highlights the team’s commitment to delivering accuracy, communication, and best-in-class service on even the most complex commercial files.
National
Office market vacancy rate at 18.6%; Manhattan, Miami leading markets
The national office market showed signs of stabilization in October, with the national vacancy rate at 18.6% and average listing rates holding steady at approximately $32.81 per square foot, Commercial Cafe reports. Manhattan and Miami emerged as the strongest performers with vacancy rates near 13%, while markets like Seattle and Austin struggled with vacancies exceeding 25%. Investment activity remained concentrated in major markets, with Manhattan leading in transaction volume at $6.4 billion year-to-date, followed by the Bay Area and Washington, D.C. The construction pipeline remained modest nationwide at just over 33 million square feet, with most new development focused on high-quality, amenity-rich properties designed to attract premium tenants in an environment where hybrid work arrangements have become the standard.
National
Contractor sues, says USC didn’t pay for work on building to house AI, robotics
Turner Construction has filed a $12.3 million lawsuit against the University of Southern California for nonpayment related to the construction of Ginsburg Hall, a seven-story computer science building to house USC’s artificial intelligence, robotics and advanced computing programs, The Real Deal reports. The company completed the project in June 2025 after signing the contract in November 2020 and filed a mechanic’s lien in August when payment was not received. The lawsuit alleges that USC failed to compensate Turner and subcontractors for their work and did not issue proper change orders for project delays and modifications. The building was designed to support USC’s artificial intelligence and computing programs as part of a $1 billion initiative.
National
Mortgage delinquency rates for CRE fall in third quarter, survey shows
Mortgage delinquency rates for commercial properties declined in the third quarter, a survey by the Mortgage Bankers Associaton shows. While overall delinquencies decreased, certain property categories like multifamily and health saw increases, whereas office, retail, industrial and lodging properties experienced improvements. CMBS loans showed the highest delinquency levels at 5.66%, while other lending sources maintained relatively low rates. The survey analyzed $2.8 trillion in loans, representing 57% of the total commercial and multifamily mortgage market, with analysts noting the need to monitor late-stage delinquencies amid economic uncertainty.
National
Tarrant County College extends deadline for bids on former power plant property
Tarrant County College extended the bidding deadline for its historic TXU power plant property, the Fort Worth Star-Telegram reports. The property on the Trinity River’s north bank near downtown Fort Worth had attracted 47 potential buyers by the original deadline last week. Tarrant County College extended the bidding deadline to Dec. 18 following a property tour attended by approximately 21 people, giving interested parties more time to submit proposals. The 1912 building, which features 265-foot smokestacks and once generated electricity for the area, is appraised at $9.42 million and sits in a prime location for the developing Panther Island district. The college originally purchased the site in 2004 for a planned downtown campus but shifted plans after the 2008 financial crisis and now seeks to sell due to high maintenance costs, safety concerns following a fatal accident in April and strong developer interest in the waterfront location.
Arizona
Scottsdale City Council gives OK on revised plans for Axon headquarters development
The Scottsdale City Council approved a revised agreement for Axon’s headquarters project, KTAR reports. The revised agreement reduces the residential component from nearly 1,900 units to 1,200 units (600 apartments and 600 condos). The vote passed 4-3. Mayor Lisa Borowsky supported the compromise after initially opposing the plan. The project faced significant opposition from a citizens group that had gathered signatures for a ballot referendum, but state legislation in April exempted certain zoning changes from such petitions. The project is expected to generate billions in economic impact and create 5,500 jobs.
Arizona
Blackstone Group sells 1,000-room hotel in downtown Phoenix for undisclosed price
The Sheraton Phoenix Downtown, a 1,003-room convention center hotel, has been acquired by Brookfield Properties, AZ Big Media reports. The 33-story property features 112,000 square feet of meeting space and underwent a $45 million renovation in 2020. Located two blocks from the Phoenix Convention Center, the hotel benefits from its proximity to major venues like the Footprint Center, home of the NBA Suns and WNBA Mercury, and Chase Field, home of MLB’s Diamondbacks, and Arizona State University’s downtown campus. The financial details of the deal were not disclosed. The Blackstone Group bought the hotel in 2020 for $268 million. The hotel is built on land owned by the city of Phoenix and operates under a ground lease with the city. Because the actual land was not sold, the transaction is not subject to Arizona’s real estate transaction disclosure laws.
