Hines has sold a mixed retail and office asset on Bond Street to the Czech company that runs the National Lottery for £195M.
Allwyn completed the purchase of the 41K SF 80 New Bond Street at a price that represents a net initial yield of 3.7%, CoStar News reported. 
Allwyn is run by Czech billionaire Karel Komárek and in 2024 took over the license to run the UK’s National Lottery. Komárek made his money in industrial valves before diversifying into technology for the mining industry and later Central European real estate.
Hines’ second European Value Fund bought the building from Aviva Investors for…

The administration has been preparing for months for the possibility that the court would rule against the president and developed contingency plans.

Just when it appeared Pakistan was back at square one in figuring out the future of the Roosevelt Hotel, an unexpected partner came along: the White House. The federal government signed a pact with the Pakistani government, which owns the site at 45 East 45th Street, to jointly redevelop the famed hotel, Reuters reported. Financial terms of the deal were not disclosed in the memorandum. Notably, the agreement was negotiated by real estate developer and U.S. Special Envoy Steve Witkoff, whose presence has been felt in international diplomacy throughout the past year. The agreement pertains to the cooperation between the […]

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The Olayan Group locked in an $800 million loan for its revamped Midtown office building, better known as the Sony building. ING Capital added $230 million of new debt to the existing $570 million loan balance on 550 Madison Avenue, according to property records. ING issued the original loan in 2016, when Olayan purchased the 41-story, 800,000-square-foot Midtown building between East 55th and East 56th streets for $1.4 billion. The refinance comes nine months after Global financial services firm Aquarian Holdings signed a lease for 75,000 square feet, boosting occupancy to about 96 percent. Olayan recently renovated the building, hiring […]

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President Trump is the first to invoke the International Emergency Economic Powers Act of 1977 to set tariffs on imported goods from more than 100 countries.

One of Brownstone Brooklyn’s most active townhouse developers is trying to make it in Manhattan.  Eckstrom, the eight-year-old development firm run by husband and wife duo Carlos Saavedra and Nicole Eckstrom, is expanding into the city with two West Village properties. The firm’s jump across the river is in partnership with Compass agent Carl Gambino on a portfolio of five properties that will launch in the next two years.  For Eckstrom, the expansion comes after an ascendant two years developing homes in Brooklyn’s toniest neighborhoods. The company, which began by doing condo conversions in more affordable parts of Brooklyn, found […]

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New York City’s Department of Environmental Protection found a fitting home in Long Island City. Through the Department of Citywide Administrative Services, DEP signed a lease for 155,000 square feet at Innovo Property Group’s 24-02 49th Avenue, the Commercial Observer reported. The agency will use the space for offices and laboratories. The building is along the Newtown Creek, which flows into the East River. It was once a maritime thoroughfare used by industrial companies, but became polluted over the years and was declared a superfund site more than a decade ago. The U.S. Department of Environmental Protection is working on […]

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A closely watched clinical trial in Britain that screened blood for early detection of cancer did not show a reduction in later stages of the disease.

Steep declines in the shares of private lenders, after a major fund changed how investors can withdraw money, have sparked worries about more trouble to come.

Gross domestic product expanded at a 1.4 percent annual rate in the last quarter of the year, slowed by the effects of the government shutdown.