Top 10 Office Deals & Market Movements — Week of 2026-06-22
Week of 2026-06-22 · Published June 27, 2026
Market Context
The national office market is currently undergoing a structural transformation characterized by extreme valuation resets and a significant pivot toward residential conversions. While distressed sales are setting new pricing floors in major metros, a surge in high-quality leasing activity and large-scale refinancings for specialty portfolios indicate a bifurcated recovery for the sector.
Rankings
Yellowstone Times Square Conversion Loan, Manhattan
$480M loan · 60,000 SF luxury amenities · Times Square
Yellowstone secured a substantial $480 million loan to facilitate the conversion of a prime Times Square office asset into luxury residential units. This deal underscores the massive capital being deployed into office-to-residential projects in high-density markets.
Irvine Company San Diego Exit, Downtown San Diego
60% discount · Final tower exit · San Diego market
The Irvine Company fully exited the downtown San Diego market by selling its final office tower at a steep 60% discount. The sale highlights the ongoing distress in San Diego's high-rise sector, where multiple buildings are currently facing foreclosure.
TPG & Angelo Gordon Long Island Refinancing, New York
$280M refinancing · 14-building portfolio · 60% medical office
A joint venture between TPG and Angelo Gordon successfully refinanced a 14-building office portfolio with a heavy focus on medical tenants. This move reflects institutional confidence in healthcare-anchored assets over traditional commodity office space.
JPMorgan Chase South Station Tower Lease, Boston
250,000 SF lease · 8 floors · Class A anchor
JPMorgan Chase committed to a 250,000-square-foot lease at the newly completed South Station Tower, serving as the building's anchor tenant. This blockbuster deal remains one of the largest Class A commitments of the year in the Boston market.
1 Whitehall Street Acquisition, Manhattan
$100M acquisition · Residential conversion · Metro Loft/Quantum Pacific
Metro Loft and Quantum Pacific Group acquired 1 Whitehall Street for $100 million for a full residential conversion. The deal is part of a broader trend of conversion specialists partnering with institutional capital to reposition obsolete Lower Manhattan office stock.
Bloomberg 120 Park Ave Expansion, Manhattan
60,400 SF expansion · 2.7M SF total NYC footprint · Core tenant
Bloomberg expanded its footprint at 120 Park Avenue by roughly 60,000 square feet, solidifying its massive New York City presence. The company now occupies over 2.7 million square feet across the city following this expansion and its Lexington Ave renewal.
Chicago Landmark Valuation Reset, Chicago
$4M sale price · 94% valuation drop · Distressed asset
A landmark Chicago office building sold for just $4 million, representing a staggering 94% decrease from its $68.1 million valuation a decade ago. This sale is a key indicator of the extreme price resets occurring for distressed assets in central business districts.
Washington D.C. Valuation Floor Reset, D.C.
$25 per square foot · Office-to-residential viability · D.C. market
A property in Washington, D.C. traded at a rock-bottom price of $25 per square foot, making the economics for conversion projects increasingly viable. Such deep discounts are necessary to offset the high costs associated with complex office-to-residential redevelopments.
National Office-to-Residential Pipeline Growth, National
28% YoY increase · 90,000+ units in pipeline · National trend
The national pipeline for converting obsolete office space into housing has surged by 28% year-over-year. Currently, more than 90,000 apartments are being created from former office buildings across major U.S. cities like New York and Los Angeles.
Quarterly National Leasing Volume Surge, National
120M SF leased · 25% YoY volume increase · Q1 2026 data
U.S. office leasing hit 120 million square feet in the first quarter, the highest quarterly volume in nearly a decade. Although deal sizes are smaller than pre-pandemic averages, the high volume suggests a broad-based return to office commitments.
Side-by-Side Comparison
| Rank | Deal / Asset | Metric / Price | Deal Type | Source | Source |
|---|---|---|---|---|---|
| 1 | Yellowstone Times Square Conversion Loan, Manhattan | $480M loan · 60,000 SF luxury amenities · Times Square | Yellowstone secured a substantial $480 million loan to facilitate the conversion of a prime Times Square office asset into luxury residential units. This deal underscores the massive capital being deployed into office-to-residential projects in high-density markets. | - | GlobeSt.com |
| 2 | Irvine Company San Diego Exit, Downtown San Diego | 60% discount · Final tower exit · San Diego market | The Irvine Company fully exited the downtown San Diego market by selling its final office tower at a steep 60% discount. The sale highlights the ongoing distress in San Diego's high-rise sector, where multiple buildings are currently facing foreclosure. | - | Commercial Observer |
| 3 | TPG & Angelo Gordon Long Island Refinancing, New York | $280M refinancing · 14-building portfolio · 60% medical office | A joint venture between TPG and Angelo Gordon successfully refinanced a 14-building office portfolio with a heavy focus on medical tenants. This move reflects institutional confidence in healthcare-anchored assets over traditional commodity office space. | - | GlobeSt.com |
| 4 | JPMorgan Chase South Station Tower Lease, Boston | 250,000 SF lease · 8 floors · Class A anchor | JPMorgan Chase committed to a 250,000-square-foot lease at the newly completed South Station Tower, serving as the building's anchor tenant. This blockbuster deal remains one of the largest Class A commitments of the year in the Boston market. | - | CoStar News |
| 5 | 1 Whitehall Street Acquisition, Manhattan | $100M acquisition · Residential conversion · Metro Loft/Quantum Pacific | Metro Loft and Quantum Pacific Group acquired 1 Whitehall Street for $100 million for a full residential conversion. The deal is part of a broader trend of conversion specialists partnering with institutional capital to reposition obsolete Lower Manhattan office stock. | - | The Real Deal |
| 6 | Bloomberg 120 Park Ave Expansion, Manhattan | 60,400 SF expansion · 2.7M SF total NYC footprint · Core tenant | Bloomberg expanded its footprint at 120 Park Avenue by roughly 60,000 square feet, solidifying its massive New York City presence. The company now occupies over 2.7 million square feet across the city following this expansion and its Lexington Ave renewal. | - | CoStar News |
| 7 | Chicago Landmark Valuation Reset, Chicago | $4M sale price · 94% valuation drop · Distressed asset | A landmark Chicago office building sold for just $4 million, representing a staggering 94% decrease from its $68.1 million valuation a decade ago. This sale is a key indicator of the extreme price resets occurring for distressed assets in central business districts. | - | The Real Deal |
| 8 | Washington D.C. Valuation Floor Reset, D.C. | $25 per square foot · Office-to-residential viability · D.C. market | A property in Washington, D.C. traded at a rock-bottom price of $25 per square foot, making the economics for conversion projects increasingly viable. Such deep discounts are necessary to offset the high costs associated with complex office-to-residential redevelopments. | - | The Real Deal |
| 9 | National Office-to-Residential Pipeline Growth, National | 28% YoY increase · 90,000+ units in pipeline · National trend | The national pipeline for converting obsolete office space into housing has surged by 28% year-over-year. Currently, more than 90,000 apartments are being created from former office buildings across major U.S. cities like New York and Los Angeles. | - | The Real Deal |
| 10 | Quarterly National Leasing Volume Surge, National | 120M SF leased · 25% YoY volume increase · Q1 2026 data | U.S. office leasing hit 120 million square feet in the first quarter, the highest quarterly volume in nearly a decade. Although deal sizes are smaller than pre-pandemic averages, the high volume suggests a broad-based return to office commitments. | - | CoStar Group |
Rankings are built using live web research and publicly available data. Sources are cited inline. This content is for informational purposes only and does not constitute investment advice. View all rankings →