Top sales and leases recognized in the US

Brokers completed major deals during the third quarter, a period marked by steady real estate activity as businesses shook off concerns about tariffs and economic uncertainty.

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.

A real estate investment firm's purchase of a Manhattan skyscraper, for instance, showed how investors are targeting trophy buildings at attractive prices as some owners look to monetize their office holdings. Big office and retail leases in New York reflected a rebound in the nation's largest commercial real estate market after years of stagnant demand.

And a firm that stores solar panels and other energy materials leased a massive former Goodyear tire factory, signaling resilient demand for logistics and other industrial properties across the country.

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

RXR buys former IBM Building in New York

Real estate investment firm RXR bought the 42-story skyscraper at 590 Madison Ave. for just under $1.1 billion in Manhattan’s biggest office purchase of the past three years.

The purchase of the 1 million-square-foot tower, formerly known as the IBM Building, is part of the developer's strategy to invest billions to buy top-quality office properties as solid signs of a rebound in the office sector emerge in New York and other big cities.

RXR recently unveiled a multibillion-dollar office venture called Gemini that invests in well-located New York properties with appealing amenities and available at attractive market values. The firm buys the properties from investors seeking to reduce their exposure to the office sector.

Gemini’s initial portfolio includes more than $3.5 billion in deals for prominent properties that RXR has inked since early last year, including its purchase of 590 Madison in August. The portfolio also has invested in 1211 Avenue of the Americas, home of Rupert Murdoch’s News Corp. and Fox Corp., and Starrett Lehigh, RXR's 2.2 million-square-foot office and retail complex in the Chelsea neighborhood.

Will Silverman and Gary Phillips of Eastdil Secured were the listing brokers in the sale of 590 Madison.

Deloitte signs deal for headquarters at New York's Hudson Yards

Deloitte signed one of the biggest office deals of the year in New York, taking over nearly three-quarters of Related Cos.'s 1.1 million-square-foot tower known as 70 Hudson Yards.

Deloitte's lease for 800,000 square feet, finalized just before the New York developer began excavation work at the development site this past summer, is a sign of the consulting giant's commitment to physical real estate.

The deal is part of a burst of activity that brought New York City's office vacancy to just under 15% — the lowest level in five years — as 6 million square feet of leases were signed in the third quarter, according to JLL’s latest monthly market snapshot. The vacancy rate of 7.6% in the highest-quality 'trophy' buildings is close to an all-time low, according to the brokerage.

The $2.2 billion 70 Hudson Yards project, designed by Gensler and Roger Ferris + Partners, is scheduled to open in 2028, according to CoStar data.

JLL's Clark Finney and Benjamin Bass represented Related. Matthew Astrachan, also with JLL, represented the tenant.

Energy logistics firm inks deal for former Goodyear plant in Alabama

Takkion, a firm that handles logistics for the renewable energy industry, leased a former tire plant in Alabama in the country's largest industrial deal of the year.

The firm based in Evansville, Wyoming, signed a deal with plant owner Phoenix Investors in August for the 2.9 million-square-foot Goodyear plant in Gadsden, Alabama, about 56 miles northeast of Birmingham.

The transaction ranks as the largest industrial property lease of the year by square footage, ahead of the Lego Group's 2 million-square-foot distribution center under construction in Prince George County near Richmond, Virginia, according to CoStar data.

Takkion, which has 26 service locations in the U.S., is using the plant as a storage and handling hub for solar panels and other equipment. The building has been closed since 2020.

"Having a logistics company like Takkion in Gadsden will put us in the center of distribution for the entire renewable energy industry throughout the southeast," Gadsden Mayor Craig Ford said in a statement. "This deal takes an unoccupied building and fills it with a tenant from one of the fastest-growing industrial sectors in the world."

Kurt Jensen and Anthony Crivello were the leasing representatives for landlord Phoenix Investors.

Expanding health club operator signs deal at New York's Hudson Square

Chelsea Piers, a health and fitness chain that operates the Chelsea Piers Sports & Entertainment Complex along the Hudson River, signed a third-quarter deal to move into retail space in lower Manhattan's Hudson Square.

The private firm leased 48,833 square feet at GFP Real Estate’s 12-story building at 200 Varick St., marking an expansion beyond its original 28-acre riverfront complex in Chelsea that features basketball courts, a golf driving range, soccer fields and an ice rink.

At a time when more consumers are buying goods online, sports and fitness facilities — along with immersive attractions such as museums and theaters — are among the most sought-after tenants by retail landlords seeking ways to attract visitors with experiences that cannot be replicated online.

Chelsea Piers also has fitness and athletic facilities in the Flatiron district, Brooklyn, and Stamford, Connecticut, in addition to its sprawling Chelsea complex and the new space at 200 Varick.

Rhonda Singer of GFP Real Estate was the leasing representative for the landlord.