Rudin lands $175M to convert Midtown office tower into apartments near paused Pfizer site
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 September 2026: $9.1B across 43 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
Colliers Markets Senior Loan on DTLA’S EY Plaza
Colliers has launched the marketing of the senior loan secured by EY Plaza, the 41-story, 968,745-square-foot office tower at 725 S. Figueroa St. in Downtown Los Angeles, on behalf of the lender. The loan is held in a…
DivcoWest Brings Gensler to San Diego’s DiamondView Tower
CBRE and DivcoWest have completed three significant lease transactions at DiamondView Tower, an office and mixed-use property adjacent to Petco Park in Downtown San Diego’s Ballpark District, reinforcing the property&…
Chiofaro Secures 500K SF of Leases at Downtown Boston’s International Place
The Chiofaro Company, in partnership with PGIM Real Estate, announced that more than 500,000 square feet of office space has been leased at International Place over a 12-month period. With a weighted average lease ter…