Impact Front and Center at Commercial Observer’s Power Gala

What better place to enjoy a cold cocktail during a perfectly tranquil late summer evening in Manhattan than at Brookfield Properties and WatermanClark’s Lever House?

New York’s real estate owners, brokers, attorneys and other assorted power players had the right idea when they gathered Sept. 18 at the newly refurbished Lever Club for Commercial Observer’s 18th annual Power Gala. Guests nibbled on chicken salad canapes and mini-sliders while enjoying stunning views from the Gordon Bunshaft-designed third-floor patio, which received a much-needed refresh from Los Angeles-based design firm Marmol Radziner in 2023.

Radziner modernized the Lever Club’s iconic International style, which is meant to be a multipurpose coworking space during the day. Thankfully there were no foosball tables, beanbag chairs, or unlimited kombucha taps in sight. Instead, they added plush furniture, diffused lighting, and swanky terrazzo floors whose overall effect resembled a cross between a “Succession”-style after-hours set and the United Nations delegates’ lounge.

It’s the kind of place where a real estate mogul could confidently make a billion-dollar transaction or two while sipping a beer as cold as their resolve. Or they could honor some of the most influential deals that the region’s power players made over the past year, which is exactly what Commercial Observer did.

Observer Chairman and CEO Joseph Meyer kicked things off by noting how change is the only constant in the business world and remarking how “extensive and far-reaching” the real estate industry is.

“Real estate is a multitrillion-dollar industry that touches every sector of the economy, and influences the development and growth of cities and communities worldwide,” Meyer said. “Tonight, we are joined by the power players who are defining the transformational trends, deals and developments advancing our economy and cities across the globe.” 

Meyer thanked CO Editor-in-Chief Max Gross and his team for their hard work on the Power 100 issue. Gross said he took comfort in some of the stories highlighting successful deals during a time when industry fundamentals like financing remain uncertain and the U.S. economy has seen better days. Quite simply, the deals provided fodder for CO coverage. 

“One of the things we like to do in these power lists is we like to tell the story of what is happening in this market,” Gross said. “It’s a very complicated story and sometimes 100 stories doesn’t feel like enough. We saw so many interesting stories, and so many people on this list seeing change, responding, and pivoting to do interesting things.”

There was also plenty of room for suspense when Commercial Observer honored the top lease, investment and finance deals of the year, as well as the top urban developer of the year. 

Surprisingly, media entities scored big. 

The 2025 Office Lease of the Year was awarded to Vornado Realty Trust, Alexander’s and Bloomberg for its lease renewal at 731 Lexington Avenue. Last summer, Bloomberg agreed to renew its 946,815-square-foot Midtown East headquarters for 11 years, extending its lease until 2040.

Cushman & Wakefield’s Bruce Mosler presented the award to Glen Weiss, executive vice president of office leasing and co-head of real estate at Vornado, after praising the deal.

“As a major New York City employer, Bloomberg’s lease extension not only has a critical impact on the city’s economy, it also underscores renewed confidence in the New York City office market and the increasing demand for quality workplaces,” Mosler said.

The 2025 Finance Deal of the Year went to Tishman Speyer for refinancing Rockefeller Center with a $3.5 billion commercial mortgage-backed securities (CMBS) loan, which was the largest CMBS transaction in more than two years. The financing package for the 7.3 million-square-foot, 13-building campus, home to the NBC broadcasting network and Radio City Music Hall, was seen as a bellwether of the Midtown office market’s overall health. 

“Despite economic headwinds and persistent challenges for the office market, Tishman Speyer was able to achieve significant refinancing and leasing successes after leading a comprehensive redevelopment program of the iconic campus, reinforcing its position as one of the most dynamic destinations in New York City,” Cadwalader’s Christopher Dickson said before presenting the award to Jeanette Abate, managing director and head of U.S. debt capital markets in New York at Tishman Speyer, and Bank of America’s Charles Manna and Maria Barry, whose firm co-lead the loan.

The 2025 Investment Deal of the Year was awarded to Blackstone Real Estate Partners X, which purchased Retail Opportunity Investments Corp.’s common shares in an all-cash $4 billion transaction that included outstanding debt. The portfolio consisted of 93 grocery-anchored retail properties in major markets such as Los Angeles, Seattle and San Francisco totaling more than 10 million square feet.

“The acquisition underscored Blackstone’s confidence in necessity-based shopping centers in densely populated urban communities,” Citrin Cooperman partner Mark Mindick said before giving the award to Blackstone, Morgan Stanley, Bank of America and Newmark.

Finally, the 2025 Urban Developer of the Year was awarded to BXP, the largest publicly traded developer in the United States. Last year, BXP completed 83 leases comprising 8.3 million square feet, and its portfolio of 183 properties spanning 53.4 million square feet was at 87.5 percent occupancy. And nearly all of their office buildings, about 96 percent, are certified through green building rating systems.

“Understanding that such a massive portfolio, comes with even larger impact, the 2025 Urban Developer of the Year has made an unwavering commitment to sustainable development,” Newmark CEO Barry Gosin said before giving the award to BXP Executive Vice President Hilary Spann.

After the awards concluded, guests lingered to network and finish their drinks at the open bar. Would any more billion-dollar transactions occur in the waning hours of the evening? One owner told a small group on the patio that he offered a former colleague who recently retired a deal: If he came into the office once a month, he would buy him lunch.