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Commercial
Sotheby’s sells NYC HQ to Weill Cornell for US$510m
Sotheby’s has reportedly sold its New York City headquarters to Weill Cornell Medicine in a US$510 million (A$771.7 million) deal, marking a major real estate shift for the auction house. The building at 1334 York Avenue on Manhattan’s Upper East Side, one block from the East River, has been home to Sotheby’s since 1980. As part of the agreement, Sotheby’s will lease back space in the 10-floor tower while relocating its core operations to the Breuer building at 945 Madison Avenue, the former home of the Whitney Museum of American Art. In a statement cited by Bloomberg, Sotheby’s said the transaction would allow it to “further reduce debt and invest even more fully in our core business, including renovating our leased office space at York”. The auction house added that the new arrangement would provide a “best-in-class front of house, back of house and staff working environment … all at a lower net annual cost”. Jones Lang LaSalle’s David Giancola, Geoff Goldstein and Steve Klein represented Weill Cornell, while CBRE’s Doug Middleton and Mary Ann Tighe advised Sotheby’s. Weill Cornell confirmed the purchase, noting that the deal provided them with a real estate asset for “materially the same net cost as leasing”.
Commercial
Castleforge, Conversant Capital invest in London offices
Castleforge and Conversant Capital have announced a partnership to invest in Central London office real estate. The partnership has an initial commitment of £150 million (A$306.6 million) from Conversant, and is designed to invest in assets with a total value of more than £1 billion in the long run. Both parties are real estate investment firms, with Castleforge based in London, and Conversant Capital from New Jersey in the U.S. The fund has already recently closed on a £90 million recapitalization of 55 Mark Lane, a multi-let office in the City of London's EC3 insurance district, with Castleforge will serve as lender, asset manager, and development manager. Secondary interest was also acquired on Castleforge's flagship office redevelopment, 75 London Wall, a space coming in at just under a massive 500,000 square feet. "Our partnership with Castleforge reflects our conviction in London's office market and in our collective ability to identify and unlock value," said Michael Simanovsky, Managing Partner of Conversant Capital. “We believe the current dislocation in the sector presents an exceptional opportunity, where limited new supply and rising demand create the conditions for outsized risk-adjusted returns.”
Commercial
Norway wealth fund buys 95% stake in New York building
Norway’s US$2 trillion sovereign wealth fund said it bought a 95% stake in an office property located along New York City’s Avenue of the Americas. The fund, the largest of its kind in the world, is managed by Norges Bank Investment Management (NBIM) on behalf of the Norwegian population. It said it will be investing US$542.6 million in an office property at 1177 Avenue of the Americas, also known as Sixth Avenue. A Beacon Capital Partners unit will be buying the remaining 5% of the building on behalf of investors, according to the Norwegian fund. The deal values the property at US$571.1 million and is expected to be completed in the third quarter of this year. NBIM and Beacon Capitol Partners will be buying the building from California State Teachers’ Retirement System and Silverstein Properties, who currently own it under a joint venture. NBIM was set up in the 1990s to invest in excess revenues from Norway’s oil and gas industry and the country’s sovereign wealth and is valued at more than 19.8 trillion Norwegian kroner or US$1.98 trillion. The fund's main investments are in global equities; however, 1.9% are in real estate. This includes more than a dozen properties in New York, with holdings in prime M
Commercial
CRE bid activity shows first uptick in 2025
After a slow start to 2025, commercial real estate activity is showing signs of recovery. JLL’s global Bid Intensity Index improved in July, marking the first uptick since December. The index, which measures bidding activity to provide a real-time view of liquidity and competitiveness in private real estate capital markets, indicates a stabilisation of capital flows and bidder dynamics. The index is composed of three sub-indices: bid-ask spread, bids per deal, and bid variability. Narrowing bid-ask spreads and increasing numbers of bidders suggest growing market confidence, particularly in the “living” sector, which includes multifamily apartments, senior living, and student housing. “With no shortage of liquidity, institutional investors are returning to the market with more capital sources and a renewed appetite for real estate,” Ben Breslau, chief research officer at JLL, told CNBC. “While further recovery is expected to be gradual after moderating earlier this year, borrowing costs and real estate values in most markets have stabilised, so we expect momentum to pick up through the second half of the year.” Retail activity has improved from last year but remains under pressure from tariffs, while industrial activ
Commercial
Dior reopens New York flagship with new products
Dior has reopened its four-storey flagship boutique in New York City after extensive renovations, showcasing the brand’s variety of products and an all-new spa. House of Dior New York, located on Manhattan’s 57th Street and Madison Avenue, will host the company’s fashion, jewellery, handbag, and fragrance products. It is the brand’s first retail location to include a spa. “New York has always been central to Dior’s story,” according to Christian Dior Couture CEO Delphine Arnault. “The House of Dior New York is a nod to that history, and a statement about how we see this space — not just as a boutique, but as a destination for inspiration, art and creativity.” The boutique also provides bespoke clothing services, allowing customers to customise their garments’ shape, sleeves, fabric, and accessories. Limited-edition items, including new bracelets and rings from Dior’s Bois de Rose jewellery line, will be exclusively available in the boutique. A new version of Dior’s B27 sneakers featuring House of Dior New York branding has been produced for the store, with just 47 pairs for sale. Its spa offers custom skin treatments, including light therapy and cryotherapy, as well as an exclusive fragrance developed by perfumer

Commercial
CBRE raises guidance as revenue grows across segments
CBRE Group has raised its full-year guidance, after beating estimates for earnings per share and revenue last quarter. Earnings per share were US$1.19, up from $0.81 one year ago and passing Zacks estimates of $1.05. Revenue was $9.75 billion, driven by growth across most segments, rising 16.2% year-over-year and above estimates by 4.14%. “The strong momentum we exhibited to start the year continued in the second quarter. Despite uncertainty in the macro environment, occupier and investor clients largely proceeded with executing their plans,” said CBRE CEO Bob Sulentic. “In light of our outperformance in the year’s first half and the pipelines across our business,” Sulentic said, “we have increased our earnings outlook for the year and expect to set a new peak just two years after the 2023 trough in the commercial real estate downturn. We anticipate this outcome even though capital markets activity remains well below prior peak levels.” GAAP net income was US$215 million, rising 65% year-on-year. EBITDA was also up 30% to $658 million. Its Advisory Services segment reported US$2.00 billion in revenue, up 14.4% year-over-year. Global leasing revenues grew by 14% globally, with Europe, the Middle East, and Africa lead
Commercial
Judge rules Wimbledon expansion plans can go ahead
Wimbledon Park is set to have a £200 million expansion after a High Court judge dismissed a bid to block the plans. This comes after campaigners from Save Wimbledon Park (SWP) launched a legal bid to stop proposals for 39 new courts and an 8,000-seat stadium. The proposal would also see seven maintenance buildings, access points and areas of parkland with permissive public access constructed, as well as allowing the club to host Wimbledon qualifiers on site. However, Justice Saini rejected the group’s judicial bid. SWP has indicated that it intends to appeal against the ruling. "This judgment would, if it stands, set a worrying precedent for the unwanted development of protected green belt and public open spaces around London and across the country,” SWP director Christopher Coombe said. Before Saini’s ruling, SWP raised £200,000 for the judicial review after plans were approved last September for the All England Lawn and Tennis Club (AELTC) to undergo development on the former Wimbledon Park golf club. It was argued that the Greater London Authority, which granted the AELTC permission, didn’t properly consider key redevelopment restrictions of the land. AELTC chairwoman Deborah Jevans said she was delighted w
Commercial
Eurobank sells Praktiker sites in real estate overhaul
Eurobank S.A. has signed a preliminary agreement with Praktiker Hellas for the sale of all bank-owned properties currently leased to the Greek DIY retail chain. The move is part of Eurobank’s broader strategy to optimise its real estate portfolio and divest non-core assets amid shifting market dynamics. The transaction coincides with Praktiker’s acquisition by Romania’s Pavăl Holding, which plans to consolidate its Greek footprint through full ownership of its operational sites. Praktiker Hellas, formerly owned by Fairfax Financial Holdings, has operated 17 stores across Greece and employed over 1,200 staff. The chain has faced financial headwinds in recent years, reporting losses in both 2022 and 2023 despite modest revenue growth. Pavăl Holding’s entry marks a strategic expansion for Dedeman, Romania’s leading DIY brand, and signals a vote of confidence in Greece’s retail and property sectors. The agreement with Eurobank ensures the continuity of Praktiker’s operations while enhancing its control over key assets. For global investors — particularly Australians eyeing Greek real estate — the deal underscores a maturing market with rising institutional interest and asset consolidation. Australian demand for
Commercial
MA tips $380m into $540m Gold Coast tower project
MA Financial Group, in partnership with Warburg Pincus via their $1 billion Australian Real Estate Credit Vehicle, has committed $380 million in institutional funding to the $540 million Burly Residences project in North Burleigh. The syndicated facility — split evenly between MA Financial and the Credit Vehicle — aims to address Australia’s chronic housing undersupply while offering global investors access to premium real estate credit opportunities. Developed by DD Living and led by veteran David Devine, Burly Residences is a 25-storey, six-star beachfront tower featuring 101 luxury apartments designed by Koichi Takada Architects with interiors by Mim Design. Construction is underway, with completion targeted for late 2027. The project follows DD Living’s Royale Gold Coast project, which is fully funded for delivery. The development attracts high-net-worth buyers seeking lifestyle assets, with TOTAL Property Group reporting strong pre-sales momentum. MA Financial’s Drew Bowie and Rodney Norris said the deal aligns with their strategy to back high-quality developers in growth markets, citing stabilising costs and renewed confidence in the private credit space. “We’re seeing signs of a more constructive enviro