Top 10 Office Deals & Market Movements — Week of 2026-06-29
Week of 2026-06-29 · Published July 5, 2026
Market Context
The national office market for the week of July 5, 2026, continues to exhibit a stark divergence between top-tier trophy assets and the broader commodity sector. While iconic Midtown Manhattan towers are securing multi-billion dollar refinancings and major renewals, the accelerating wave of distressed sales—often at discounts exceeding 90%—is resetting valuations across major urban hubs like Chicago and Denver.
Rankings
9 West 57th Street, Manhattan
$1.8B · 1.6M SF tower · 4.97% Interest Rate
The Soloviev Group finalized a massive $1.8 billion CMBS refinancing for its trophy tower, valuing the asset at $3.9 billion despite sector-wide pressure. The deal was bolstered by record-setting lease rates reaching $327.50 per square foot, demonstrating high demand for ultra-luxury office space.
Century Park Plaza, Los Angeles
137,873 SF · Renewal & Expansion · Century City Submarket
Bank of America signed a significant 137,873-square-foot renewal and expansion, anchoring a surge in West LA leasing activity. The deal reflects a broader trend of financial institutions consolidating footprints into high-quality trophy assets within premier submarkets.
10 Hudson Yards, Manhattan
484,170 SF · 16-year Extension · 100% Occupancy Maintenance
L’Oreal USA executed an early 484,170-square-foot headquarters renewal through 2042, providing long-term stability to the asset's income profile. The lease includes aggressive rental escalations, with projections reaching $147.50 per square foot by 2036.
80 Broad Street, Manhattan
$250M Recapitalization · 400,000 SF · 326-unit Conversion
Broad Street Development secured a $250 million recapitalization and a $175 million construction loan to convert the office tower into 326 luxury rental units. The project utilizes the city's 467-m tax incentive, highlighting the growing viability of residential conversions for aging office stock.
1 Whitehall Street, Manhattan
$100M+ · Distressed Pricing · Conversion Play
Metro Loft and Quantum Pacific Group entered contract to acquire this asset for over $100 million at a steep discount. The acquisition is targeted for a major office-to-residential conversion, following a growing trend of discounted trades feeding the conversion pipeline.
245 Park Avenue, Manhattan
150,000 SF · Anchor Commitment · SL Green Strategic Asset
The Carlyle Group committed to 150,000 square feet as part of SL Green’s broader Q1 strategy to stabilize key assets while executing $2.5 billion in sales. This lease underscores the persistent demand for high-end Manhattan space from the finance and private equity sectors.
Columbia Place, San Diego
50% Discount · Private Acquisition · Market Re-pricing
In a deal reflecting the pricing reset in West Coast markets, a private buyer acquired Columbia Place at a 50% discount from its 2021 valuation. This transaction is emblematic of the 55% share of distressed acquisitions currently dominated by private investors.
Former GSA Office, Washington D.C.
$24M · $25 PSF · Multifamily Conversion
A former government-leased office building sold for just $24 million, or approximately $25 per square foot, to a developer planning a multifamily conversion. This extremely low entry price reflects the significant capital required to adapt obsolete government-centric office space.
Denver Office Complex, Denver
97% Valuation Decline · $5.3M Sale Price · Distressed Liquidation
A Denver office asset traded for $5.3 million, representing a staggering 97% decline from its previous valuation of $176 million. The sale highlights the extreme distress facing suburban-style complexes in secondary markets struggling with vacancy.
Chicago Office Building, Chicago
94% Valuation Decline · $4M Sale Price · Market Floor Discovery
Reflecting the deep distress in the Midwest, a Chicago office building sold for only $4 million, down from a previous valuation of $68.1 million. The deal marks one of the most severe price corrections in the current cycle, attracting opportunistic capital.
Side-by-Side Comparison
| Rank | Deal / Asset | Price | Deal Type | Source | Source |
|---|---|---|---|---|---|
| 1 | 9 West 57th Street, Manhattan | $1.8B · 1.6M SF tower · 4.97% Interest Rate | The Soloviev Group finalized a massive $1.8 billion CMBS refinancing for its trophy tower, valuing the asset at $3.9 billion despite sector-wide pressure. The deal was bolstered by record-setting lease rates reaching $327.50 per square foot, demonstrating high demand for ultra-luxury office space. | - | The Real Deal |
| 2 | Century Park Plaza, Los Angeles | 137,873 SF · Renewal & Expansion · Century City Submarket | Bank of America signed a significant 137,873-square-foot renewal and expansion, anchoring a surge in West LA leasing activity. The deal reflects a broader trend of financial institutions consolidating footprints into high-quality trophy assets within premier submarkets. | - | Commercial Observer |
| 3 | 10 Hudson Yards, Manhattan | 484,170 SF · 16-year Extension · 100% Occupancy Maintenance | L’Oreal USA executed an early 484,170-square-foot headquarters renewal through 2042, providing long-term stability to the asset's income profile. The lease includes aggressive rental escalations, with projections reaching $147.50 per square foot by 2036. | - | S&P Global / CoStar |
| 4 | 80 Broad Street, Manhattan | $250M Recapitalization · 400,000 SF · 326-unit Conversion | Broad Street Development secured a $250 million recapitalization and a $175 million construction loan to convert the office tower into 326 luxury rental units. The project utilizes the city's 467-m tax incentive, highlighting the growing viability of residential conversions for aging office stock. | - | PRNewswire |
| 5 | 1 Whitehall Street, Manhattan | $100M+ · Distressed Pricing · Conversion Play | Metro Loft and Quantum Pacific Group entered contract to acquire this asset for over $100 million at a steep discount. The acquisition is targeted for a major office-to-residential conversion, following a growing trend of discounted trades feeding the conversion pipeline. | - | The Real Deal |
| 6 | 245 Park Avenue, Manhattan | 150,000 SF · Anchor Commitment · SL Green Strategic Asset | The Carlyle Group committed to 150,000 square feet as part of SL Green’s broader Q1 strategy to stabilize key assets while executing $2.5 billion in sales. This lease underscores the persistent demand for high-end Manhattan space from the finance and private equity sectors. | - | CRE Daily |
| 7 | Columbia Place, San Diego | 50% Discount · Private Acquisition · Market Re-pricing | In a deal reflecting the pricing reset in West Coast markets, a private buyer acquired Columbia Place at a 50% discount from its 2021 valuation. This transaction is emblematic of the 55% share of distressed acquisitions currently dominated by private investors. | - | Bisnow |
| 8 | Former GSA Office, Washington D.C. | $24M · $25 PSF · Multifamily Conversion | A former government-leased office building sold for just $24 million, or approximately $25 per square foot, to a developer planning a multifamily conversion. This extremely low entry price reflects the significant capital required to adapt obsolete government-centric office space. | - | The Real Deal |
| 9 | Denver Office Complex, Denver | 97% Valuation Decline · $5.3M Sale Price · Distressed Liquidation | A Denver office asset traded for $5.3 million, representing a staggering 97% decline from its previous valuation of $176 million. The sale highlights the extreme distress facing suburban-style complexes in secondary markets struggling with vacancy. | - | The Real Deal |
| 10 | Chicago Office Building, Chicago | 94% Valuation Decline · $4M Sale Price · Market Floor Discovery | Reflecting the deep distress in the Midwest, a Chicago office building sold for only $4 million, down from a previous valuation of $68.1 million. The deal marks one of the most severe price corrections in the current cycle, attracting opportunistic capital. | - | The Real Deal |
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 →