Top sales and leases recognized in the US

Brokers completed major deals across the country during the fourth quarter, a period marked by steady real estate activity as leasing and sales demand met or surpassed pre-pandemic levels.

The top sale and lease deals that reached the finish line last quarter are recognized in the latest CoStar Power Broker Quarterly Deal Awards, as investors and companies signaled optimism amid signs of recovery across property markets.

The transactions that closed offer a window into the state of the market late last year, when some real estate firms reported record dealmaking activity after years of lower demand following the health crisis that upended the industry in 2020.

Amazon's purchase of a large site in Northern Virginia, for instance, showed how tech giants are scrambling to buy land to develop data centers to compete in the artificial intelligence race.

Big office and retail leases in New York City reflected a rebound in the nation's biggest commercial real estate market after years of stagnant demand. A beverage firm signed the largest industrial lease in Philadelphia since the start of the pandemic in what could be a step toward reviving interest in the region's warehouse market.

Here's a look at the major deals that were completed during the three months ending Dec. 31, according to CoStar data:

Amazon buys site in Virginia for massive data center

Amazon bought 188 acres in Northern Virginia, the world's largest data center market, as the tech giant snapped up land zoned for development of power-hungry computing facilities.

Amazon paid $700 million to buy part of the Devlin Technology Park in Prince William County's Bristow community from Stanley Martin, a Reston, Virginia-based homebuilder.

Amazon has led its big technology rivals in a spending spree to build out artificial intelligence and machine-learning networks that have created much of the appetite for data center space.

The firm owns or leases dozens of data centers across Virginia, including Loudoun County, where Amazon Web Services opened its first cloud-computing facilities two decades ago.

Nearly 40% of the industrial facilities completed since 2020 in the greater Washington, D.C., area have been for data centers, according to a CoStar Market Analytics report.

Devlin Technology Park, located along Devlin Road south of Interstate 66 and north of Linton Hall Road, has been zoned to allow for up to 3.5 million square feet of data center space and up to three substations.

Collins Ege, managing director for Eastdil Secured, advised Stanley Martin on the sale.

Bloomberg signs one of Manhattan's biggest office deals of 2025

Media and data giant Bloomberg renewed and expanded its lease at one of its Manhattan hubs, in one of New York City's biggest office deals of 2025.

Bloomberg added about 60,400 square feet to its previous footprint, bringing its total occupancy to 495,750 square feet at 120 Park Ave., under the agreement with landlord Global Holdings Management Group.

A strict in-office policy and steady employee growth have pushed New York City-based Bloomberg to expand its footprint in the city. The firm, which requires employees to work in the office at least four days a week, has joined other tenants across Manhattan that have expedited their real estate moves as the availability of top-end office space quickly dwindles.

In one of New York City's largest office leases of 2024, Bloomberg extended the lease of its Manhattan headquarters at 731 Lexington Ave. through 2040. The renewal of that lease, which had been set to expire in 2029, increased Bloomberg's presence in its namesake tower to more than 950,000 square feet.

With the newly expanded Park Avenue lease, Bloomberg occupies more than 2.7 million square feet across New York City, according to CoStar data.

JLL's Paul Glickman and Diana Biasotti were the listing brokers representing Global Holdings Management Group. CBRE's Howard Fiddle, Christopher Mansfield and Zachary Weil represented the tenant.

Beverage firm signs Philadelphia's biggest warehouse deal since pandemic

California-based canned beverage maker DrinkPAK signed one of the biggest industrial leases on record in the Philadelphia area, with plans to establish an East Coast manufacturing facility spanning 1.4 million square feet.

The build-to-suit facility would anchor the Bellwether District, a 1,300-acre commercial redevelopment project at the former Philadelphia Energy Solutions refinery site in southwest Philadelphia. The refinery along the Schuylkill River near Interstates 95 and 76 exploded in 2019, forcing its permanent closure.

The December deal was the largest industrial lease signed in Philadelphia since 2020 and one of the biggest industrial deals ever recorded in the market, according to CoStar data.

The agreement could help revive interest in warehouse space across greater Philadelphia, where industrial leasing demand slipped to its lowest level in more than a decade last year, according to a CoStar analytics report.

DrinkPAK plans to invest at least $195 million in the new facility, which it plans to open in 2027. The Philadelphia plant would join two other U.S. locations that each include 1.4 million-square-foot facilities, in its home city of Santa Clarita, California, and in Fort Worth, Texas.

Newmark's Nick Pickard, Jim Belcher, Stephen Cook and Mike Spaeder represented the tenant. The brokerage's Patrick DuRoss, John DeGrinis, Jeff Abraham and Javier Galvan were also involved in the transaction. JLL's Nate Demetsky, Larry Maister, Mitchell Russell and Kyle Lockard represented the landlord, Chicago-based HRP Group.

Fitness club signs deal at Midtown New York tower set for residential conversion

Chelsea Piers Fitness signed a top fourth-quarter deal to open a new health club in an office building on Manhattan’s Billionaires’ Row that’s being converted to apartments.

The fast-expanding health and fitness chain leased two floors at 135 E. 57th St., also known as Tower 57, which developer TF Cornerstone plans to transform into at least 350 market-rate and affordable apartments.

The lease further expands the footprint of the fitness chain that operates the Chelsea Piers Sports & Entertainment Complex along the Hudson River, and that also signed a deal last year for space in lower Manhattan's Hudson Square.

Sports and fitness facilities, along with immersive attractions such as museums and theaters, remain among the most sought-after tenants for retail landlords seeking ways to attract foot traffic to their centers, as more consumers buy goods online.

The deal for the retail space at East 57th Street and Lexington Avenue marks the third project between Chelsea Piers and New York City-based TF Cornerstone, according to a joint statement. The chain previously opened clubs in TF Cornerstone's residential buildings at 595 Dean St. in Prospect Heights and 33 Bond St. in Brooklyn, according to CoStar data.

Linda Bookbinder handles leasing in-house for Chelsea Piers Fitness. Steve Gonzalez is TF Cornerstone's vice president of retail leasing.