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Company newsFinanceNew YorkNews

Flexible Workspace Pioneer WeWork Files for Bankruptcy, Plans to Renegotiate Leases

by Hayden Spiess

New York City — Coworking and office-sharing pioneer WeWork Inc. (NYSE: WE) has filed for Chapter 11 bankruptcy protection. WeWork also plans to file similar protectionary measures in Canada. WeWork has entered into a restructuring support agreement with its creditors representing approximately 92 percent of its secured notes to “drastically reduce” the company’s existing funded debt and expedite the restructuring process. Reuters reports the debt-for-equity swap deal with its creditors totals $3 billion. The New York City-based company plans to continue operations and “further rationalize its commercial office lease portfolio” with its network …

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CaliforniaCompany newsFinanceInvestment salesMarylandMichiganNew JerseyNew YorkNewsOhioPennsylvaniaWashington

Rite Aid to Sell 92 Store Leases

by Hayden Spiess

Camp Hill, Penn. — Rite Aid will sell an additional 92 store leases as part of its financial restructuring, pending approval by the U.S. Bankruptcy Court for the District of New Jersey. Ranging from 5,000 to 33,548 square feet, the stores are located in California, Maryland, Michigan, New Jersey, New York, Ohio, Pennsylvania and Washington. A&G Real Estate Partners, real estate advisor to the company, will broker the transactions in the form of private sales. The leases comprise the second tranche to be sold, and more leases are expected to be …

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FinanceNew YorkNews

IPA Arranges $22 Million Refinancing for Retail Property in Manhattan 

by Hayden Spiess

New York City — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $22 million loan for the refinancing of a retail property located in Manhattan in New York City. According to commercialcafé.com, the property was built in 1931 and totals 34,600 square feet. Matt Polci, Justin Natalizio and Eric Anton of IPA arranged the financing through Citibank on behalf of the borrower, New York-based private investor Guy Roberts.

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LeasingNew YorkNews

Two Tenants Sign Leases Totaling 3,007 Square Feet at 540 Madison in New York City 

by Hayden Spiess

New York City — Two retail tenants have signed leases at 540 Madison, a 292,000-square-foot office tower located in New York City. Bang & Olufsen and H.Stern will occupy 1,557 and 1,450 square feet, respectively. Grand Seiko is also a tenant within the 9,266-square-foot retail portion of the property, which formerly housed a bank branch. The new leases bring the retail space to full occupancy. Ariel Schuster and Mitch Heifetz of Newmark represented the landlord, DivcoWest, in the lease negotiations. 

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EntertainmentLeasingNew YorkNews

Electric Shuffle to Open 10,000-Square-Foot Entertainment Center in Manhattan

by Hayden Spiess

New York City — Electric Shuffle, an entertainment concept featuring high-tech shuffleboard, as well as food and beverages, will open a 10,000-square-foot venue on the second floor of Broadway and West 30th Street in Manhattan’s NoMad neighborhood. John Few of SRS Real Estate Partners represented Electric Shuffle in the lease negotiations. Richard Tang represented the landlord, The Lam Group, on an internal basis, with Adam Weinblatt of Newmark. The opening is scheduled for next spring.

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Company newsEntertainmentInvestment salesNet leaseNew YorkNews

VICI Acquires 38 Bowling Entertainment Centers for $432.9 Million

by Hayden Spiess

New York City — VICI Properties Inc. has acquired 38 bowling entertainment centers from Bowlero Corp. in a sale-leaseback transaction for a total $432.9 million. Bowlero will now occupy the properties, which are located in 17 states, on a triple-net-lease basis. Initial annual rent for the lease will total $31.6 million. The deal also included an eight-year right of first offer term for VICI to purchase Bowlero real estate. J.P. Morgan acted as financial advisor to VICI in the transaction, and Hogan Lovells US LLP and Kramer Levin Naftalis & Frankel …

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LeasingNew YorkNews

Club Pilates Signs 3,500-Square-Foot Lease in New York City

by Hayden Spiess

New York City — Club Pilates has signed a 3,500-square-foot lease in New York City. The brand has opened a fitness center on the ground floor of The Delegate, a condominium tower located in Manhattan. Club Pilates, an affiliate of Midtown East Fitness and a subsidiary of Xponential Fitness, currently operates more than 800 studios globally. Jack Resnick & Sons owns and operates the retail space at the property. Fran Delgorio and Brett Greenberg represented the landlord in the leasing negotiations on an internal basis, with Arial Schuster, Ross Berkowitz, Andrew …

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Investment salesNew YorkNews

Marcus & Millichap Brokers $11.7 Million Sale of Retail Center in Brooklyn

by Hayden Spiess

New York City — Marcus & Millichap has brokered the $11.7 million sale of a retail center located in Brooklyn in New York City. Totaling 26,260 square feet, the property was fully occupied at the time of sale by five ground-floor tenants, with a 12,000-square-foot A+ Kidz Academy occupying the second floor. 7-Eleven and Clean Rite anchor the property. Scott Plasky and Alexander Arustamian of Marcus & Millichap represented the undisclosed seller in the transaction. 

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New YorkNews

Vibrant Emotional Health Partners with Shopping Center Owners to Install Signs at 1,450 Properties

by Hayden Spiess

New York City — New York City-based Vibrant Emotional Health, the administrator of 988 Lifeline, has partnered with shopping center owners in an initiative to increase awareness of emotional support services for individuals in distress. Installation of the signage, which will total 8,400 weather-resistant metal signs across 1,450 properties, began in September and is scheduled for completion by the end of 2024. Shopping center owners involved in the initiative include Brixmor Property Group, Kimco Realty, Kite Realty Group, Peterson Cos., Regency Centers, Sterling Organization and Urban Edge Properties. 

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