Blacksmith Software, Sona Technologies Lease 26K SF at Moinian’s 245 Fifth Avenue
Why this matters
Commercial real estate continues to digest a multi-year reset in cost of capital. Transaction velocity is below the 2019-2021 trend but improving, cap rates have stabilized across most stabilized property types, and the bid-ask gap has narrowed materially in the past two quarters. Sponsors with permanent capital and operating platforms have an advantage in the current execution environment. The next twelve months will continue to reward underwriting discipline and operational sophistication over balance-sheet aggression.
Editorial analysis · Real Estate Trail Editorial
The Moinian Group signed two new technology firms at one of its Midtown South buildings. Blacksmith Software , which provides support services to users of coding platform GitHub , leased 14,000 square feet, the entire…
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