Office

Hotel room inventory in Lower Manhattan is expected to increase 27% in the next few years and if all projects in the pipeline move on to development, the hotel inventory in Lower Manhattan will reach 9,019 rooms in 45 hotels by 2020.

The real estate investment and consulting firm received a $141M loan to develop 15 Laight St. into an office building.

The largest transaction—a $165-million non-recourse mortgage loan—is collateralized by 85 assets owned by subsidiaries of SMTA and leased to Shopko that are held outside of the company's Master Trust.

The 50,978-square-foot building— DEA - Upper Marlboro—is a modern, Class A laboratory 100% leased to the GSA and occupied by the DEA, which serves as the DEA's Mid-Atlantic regional laboratory.

Reportedly Northern Virginia, Dallas and New York City are on the company's short list.

Office rents in the market are up more than 22% from 2013 in San Diego, driven by tenant growth and improved real estate quality.

CBRE VP David Kleinhandler, who has worked in this sector for more than a decade, does not see this trend swinging the other way in the near future.

The properties that total 254,796 square feet were sold by Crescent Lakeside LLC and acquired by New York-based investment firm HLM Realty LLC.