Top sales and leases recognized in the US

Brokers completed major deals across the country during the second quarter, a period marked by steady real estate activity as leasing and sales demand rebounded to 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 a broad recovery across property markets.

The transactions that closed during the quarter offer a window into the state of the market in mid-2026.

Big office and retail deals in New York’s Manhattan borough, for instance, reflected heightened deal activity in the nation's largest commercial real estate market after years of stagnant demand.

A logistics firm's lease of a large Prologis warehouse in Southern California's Inland Empire signaled a rebound in demand in the country's top industrial markets, and the sale of a 12-property student housing portfolio underscored steady investor demand for on- and near-campus residential living as enrollments keep expanding at major universities.

Here's a look at the major deals that were completed during the three months ending June 30, according to CoStar data:

Harrison Street sells $910 million student housing portfolio

A joint venture between The Scion Group and Ares Real Estate acquired a 7,578-bed student housing portfolio as large investors spend billions to snap up student housing near major U.S. colleges and universities.

In May, alternative global investment manager Harrison Street sold a portfolio of 12 properties for $910 million in what ranks as the nation's biggest student housing portfolio sale this year, according to CoStar data.

The deal bolsters Scion's position as one of the world's largest owners of off-campus housing, with more than 105,000 beds across 161 properties in 90 markets. The firm has allocated roughly $10.2 billion to the sector since 2016, nearly a third of it in the past two years.

Booming enrollments and the desire by students to embrace campus life after the isolation of the COVID pandemic have created long waiting lists for housing at many colleges, according to a JLL report.

Harrison Street assembled the portfolio over the past decade through five funds. The properties encompass 7,578 beds at 12 universities, including Arizona State University, Auburn University, University of Florida, University of Notre Dame and The Ohio State University.

Peter Katz, executive managing director of investments for Marcus & Millichap's Institutional Property Advisors, was the listing broker. Walker & Dunlop advised on the acquisition financing that was led by the Bank of Montreal.

Law firm's deal extends Manhattan office rebound

A global law firm signed one of the year's largest office deals in Manhattan last quarter, putting New York City on track for its strongest leasing performance in more than two decades.

Simpson Thacher & Bartlett in May agreed to lease 916,000 square feet at Extell Development’s new 29-floor tower under construction at 570 Fifth Ave. The deal with the law firm, currently headquartered at 425 Lexington Ave., includes a pair of 10-year extension options and restrictions on competing law firms and certain retail uses within the building.

Law firms have become a major force in the national office recovery, accounting for nearly 22% of U.S. office leases signed at rents above $100 per square foot in the first three months of the year, according to JLL.

Those firms have also driven strong activity in Manhattan, as tenants look for top-tier properties near Times Square and other office corridors in New York, which has outpaced other major U.S. office markets in the sector’s rebound from the pandemic.

Extell expects to finish construction on the nearly 1 million-square-foot, mixed-use tower between West 46th and 47th streets in 2028. The development is also set to house an 80,000-square-foot Ikea store.

A tenant representation team from CBRE represented Simpson Thacher & Bartlett in the deal.

Dubai logistics firm signs massive deal in Southern California

In the latest sign that industrial demand is starting to rebound in Southern California and other key logistics hubs, Dubai-based DP World, a global logistics and supply chain firm, struck a deal to occupy a 1.3 million-square-foot industrial facility in the Inland Empire city of Moreno Valley owned by Prologis, the world’s largest industrial developer and landlord.

The deal with DP World, which operates terminals and freight services in over 75 countries, including 26 U.S. locations, comes as warehouse leasing in Southern California surged to a record high in the latest quarter, according to CoStar. New leasing volume in Los Angeles and Orange counties and the Inland Empire's Riverside and San Bernardino counties reached nearly 30 million square feet across 2,000 deals during the three-month period.

The Inland Empire ranked second in leased square footage for the quarter among U.S. industrial markets, just behind Dallas, reflecting strengthening demand from logistics and distribution businesses looking for locations close to major ports and population centers, according to CoStar analytics.

San Francisco-based Prologis, a bellwether for the national industrial market as its biggest player, posted a double-digit quarterly revenue gain in July as the firm signed 67 million square feet of industrial leases, its highest for a second quarter.

Daniel De la Paz and Joey Sugar of CBRE represented the landlord. Colin MacMillan of KBC Advisors represented the tenant.

Fitness club works out deal at planned tower in Lower Manhattan

A fast-expanding health and fitness club signed a deal to open a sprawling five-floor facility at a planned mixed-use project in Manhattan's Seaport District in a top second-quarter deal.

Chelsea Piers Fitness plans to open at 250 Water St., where Tavros Capital proposes to build a 600-unit apartment building after buying the one-acre property from Seaport Entertainment earlier this year for $143 million.

Sports and fitness facilities remain among the most sought-after tenants for retail landlords seeking to attract foot traffic as more consumers shop online. The trend is also lifting demand for immersive attractions such as museums and theaters.

The 76,000-square-foot lease could further expand the holdings of the fitness chain that operates its flagship Chelsea Piers Sports & Entertainment Complex, a million-square-foot center along the Hudson River.

The fitness firm also signed deals last year for facilities in lower Manhattan's Hudson Square and Manhattan's Billionaires’ Row.

The planned Tavros development, at what it calls the last full-block development site in Lower Manhattan, comes as the neighborhood has steadily transformed from a traditional daytime business hub into a livable, around-the-clock domain with nightlife.