Rexford Industrial sold 25 properties totaling 5.5 million square feet for $1.3 billion in the third quarter, including the $1.2 billion portfolio sale to EQT Real Estate it announced earlier, Commercial Observer reported from the REIT's earnings call Friday. Rexford made no acquisitions in the quarter and has sold $1.5 billion of property this year under a $2 billion plan.

Leasing picked up. The company signed 116 leases covering 3.74 million square feet, up from 2.1 million in the second quarter, and same-property occupancy rose to 96.9 percent from 94.9 percent. Net effective rent spreads on new leases were up 7.1 percent, after a 2.8 percent decline in the second quarter.

Rexford expects to finish most of the remaining $500 million of planned sales by year-end, but its chief executive said rising Treasury rates are raising the cost of capital for some buyers. The company also cut its 2026 development plan to 800,000 square feet from 1.2 million, and its finance chief warned that leases signed near the 2022 and 2023 market peak could hurt rent growth.

Grover Corlew paid $69.7 million for 200 East Broward, a 21-story tower in downtown Fort Lauderdale, nearly 15 percent less than the $81.5 million Banyan Street Capital paid in 2017, according to Commercial Observer. The building is 75 percent occupied, and the buyer plans to spend $20 million over two years on upgrades, including an amenity deck with a gym and conference space.

In Boca Raton, Related Ross paid $64 million, about $181 per square foot, for North 40, two office buildings totaling 354,380 square feet across Yamato Road from the former IBM campus it bought in September, The Real Deal reported. The property last sold for $68.4 million in 2019 and is 74 percent leased.

Also in Boca Raton, CP Group and Harrison Street sold the 286,890-square-foot One Boca Place on Glades Road to Golden East Investors for $78.9 million, Commercial Observer reported, citing property records. That is little more than the $76.4 million the sellers paid in 2014. City National Bank of Florida lent the buyer $82.1 million.

The deals follow other discounted Fort Lauderdale trades, including Moishe Mana's $89 million purchase of 110 Tower in September, about 21 percent below what the seller paid a decade earlier, according to Commercial Observer.

The New York City Council approved the Community Opportunity to Purchase Act on Oct. 22 by a vote of 38 to 9, Bisnow reported. Owners of covered residential buildings would have to notify the city's housing department, HPD, and certified nonprofits when they plan to sell. Qualified buyers would get 20 days to express interest, 70 days to make a first offer and a right of first refusal on outside offers, according to the Council.

The final bill is narrower than earlier versions. It reaches an estimated 2,100 buildings, down from about 10,000 under prior drafts, The Real Deal reported. It covers buildings of up to 100 units with HPD regulatory agreements and buildings with records of distress, such as heavy violation counts or time in the city's alternative enforcement program, while buildings with 421-a or 485-x benefits are exempt, according to Bisnow and The Real Deal.

Owners can apply for an exemption by showing undue financial hardship, the Council said. HPD will have a year to write rules and list the nonprofits eligible to make offers, and the transaction window was trimmed to 145 days from 160, The Real Deal reported. Landlord groups opposed the bill, and brokers told TRD it could slow sales of affected buildings.

The bill now goes to Mayor Zohran Mamdani, who endorsed it in May, according to Bisnow.

SolarWinds signed a 100,000-square-foot lease at Zilker Point, 218 South Lamar Boulevard, for its new headquarters, the first tenant for the building since it was finished in 2024, The Real Deal reported, citing the Austin Business Journal. The company expects to move in during fall 2027 and has about 400 employees in Austin.

Downtown, the law firm Jackson Walker signed about 110,000 square feet on three floors of The Republic, the new 48-story tower owned by DivcoWest, Phoenix Property Group and Lincoln Property Co., REBusinessOnline reported.

The local brokerage ECR says Class A asking rents rose about 10 percent over the past year, to $39.61 per square foot from $36.01, and Class A sublease space fell about 40 percent. Only 227,707 square feet of office remains under construction, down from roughly 2 million a year ago. Class A vacancy is 4.2 percent in the Domain and 3.4 percent in West Central but 23.6 percent downtown, and about 6.1 million square feet of Class B space sits vacant at average asking rents of $24.93.