Former St. Pete police HQ sold for office tower, hotel
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- Disclosed office deal value tracked in November 2026: $4B across 13 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
External link. Real Estate Trail does not republish source content.
Related coverage — Office
$4.5 billion investments, 60.7 million sq ft office leasing drive real estate optimism amid festive season
North I-680 Office Vacancy Drops Sharply, Valley Relocation & Storage Finds
North I-680 Office Vacancy Falls 210 Basis Points in Sharpest Quarterly Drop Since 2015, Valley Relocation & Storage Analysis Finds
Did You Know? Tenants Seeking 100,000+ SQFT in San Francisco Have More Than Doubled Since Q2 2025
The number of companies hunting for 100,000 square feet or more of office space in San Francisco has more than doubled since the second quarter of 2025, pushing large-tenant demand above its pre-pandemic high and quie…
Loop office tower set for $25 million revamp to boost ‘Glass House District’
Lincoln Purchases 52K-SF Boerne Medical Offices
Lincoln Property Co . and PGIM acquired The Sobo Medical Building in Boerne. The multi-story, 52,000-square-foot medical office on Herff Road is 93% leased to a mix of healthcare providers and specialists. The medica…