Sunday Summary: Revved Up for Power Finance

Maybe it’s because the good folks at Commercial Observer were on the ground in West Palm Beach for our Executive Leadership Reception, but it seems like there was a lot of South Florida activity last week.

Like, say, Related Group and BH Group scoring $360 million in construction financing for the Icon Beach Waterfront Residences — a 38-story, 350-unit project on the water in Hollywood, Fla. — from Tyko Capital.

Or, Time Equities bagging $160 million in construction financing from M&T Bank for a 465-unit apartment (part of the Town Square complex) in Boynton Beach, Fla., at 120 Southeast First Avenue.

Perhaps it was Robert Rivani’s $50 million proposal to add between 36,000 and 40,000 square feet of office space and a 6,000-square-foot rooftop restaurant to 1691 Michigan Avenue, just a quick block from Lincoln Road in Miami Beach.

But in any event, it was a lot! Which is not to say that we didn’t see some seriously impressive wheeling and dealing up north, too.

BXP is hard at work signing the law firm McDermott Will & Schulte to a 150,000-square-foot lease at its yet-to-be-built 343 Madison Avenue. (The deal hasn’t closed yet.)

And that wasn’t the only big law lease in Gotham: Robinson+Cole signed a 15-year, 48,451-square-foot lease at SL Green Realty’s 100 Park Avenue, making the property fully leased.

Oh, and artificial intelligence firms were also busy, with the cybersecurity company Adaptive Security subleasing 51,220 square feet from dog treat and toy subscription company BarkBox at Silverstein Properties’ 120 Broadway.

There were even some bulky retail leases like health and wellness brand Life Time taking 71,000 square feet for a gym and spa at Double U Development’s 83 Wythe Avenue; tasty leases like London-based Bread Ahead taking 2,400 square feet at Solil Management’s 1571 Second Avenue (to be its first New York location); and fashionable leases like Canadian clothing brand Aritzia slipping into 16,000 square feet at The Shops at Columbus Circle (along with a couple of other interesting tenants).

But last week wasn’t all about leasing.

It might not be the biggest, but the shlockmeister inside us was tickled to hear that Gary Barnett’s Extell Development has purchased the Friars Club (the building at 57 East 55th Street, not the comedy organization) for $19 million. (The master showman has not officially let us in on what he plans to do with the building, but it might have been an air rights play.)

Moinian Group announced plans to convert 17 Battery Place from office to residential.

San Francisco-based Spear Street Capital bought the office property at 74 Eighth Avenue for $50.5 million.

Shorewood Real Estate Group and Bogopa Enterprises got $130 million in construction financing to build a mixed-use apartment building in Mott Haven in the Bronx.

And Investcorp plunked down $200 million to buy 463 units worth of senior housing in Los Angeles and New York and a multifamily complex in New Jersey.

But the biggest deal of last week by far was Blue Owl Capital’s $2.4 billion play to buy 137 developed health care properties nationwide through its acquisition of the REIT Sila Realty Trust.

Comings and goings

There were a number of notable hires last week.

Andreas Vlahakis is bidding adieu to Joe Sitt’s Thor Equities to take on a new role as head of capital markets for Gilbane Development.

Lindsay Lechner is likewise taking on the role as head of capital markets and managing director at Virginia-based multifamily developer and operator Middleburg after a nine-year stint at Trammell Crow Company.

CBRE tapped Cannon Hill Capital Partners’ Chris Masotto to head up its property management market division for the New York, Long Island and Connecticut area. Masotto takes over for Tom Lloyd, who was promoted to lead the whole Northeast vision.

Finally, Joel Traut was named global head of direct lending at KKR Real Estate’s credit business, with Paul Fine taking Traut’s old role as head of originations.

Sunday reading

Speaking of Traut, you might have noticed his name on CO’s Power Finance list. (See if you can guess which number before you click.)

Yes, finance people: The list is out! Fifty of the most prolific, most important and most powerful firms in the world of CRE finance. We can spend hours discussing it, so it’s a good thing you’re not due at work until tomorrow! Read it. Soak it in. Think about it.

Question us on things like why Fannie Mae and Freddie Mac were not on this year’s list.

Read about how the big banks regained their footing last year.

Learn about the subsequent competition that’s played out over the last year between banks and private credit and how that affected the rankings.

Find out who moved up and down the list and why — all of which should eat up the rest of your Sunday.

See you next week!