ZK Plaza, a two-story, 41,586 square foot office building at 600 N. Rosemead Blvd. in Pasadena, sold for $13.4 million, above its asking price, to Elysian Housing, L.A. Business First and The Registry reported.

The buyer plans to convert it into 133 affordable apartments.

The VTS Office Demand Index for Los Angeles rose 19% year over year in the third quarter, the largest annual increase among the markets VTS tracks, according to the company.

Nationally the index fell 7% from a year earlier to 67.

Cohen Brothers Realty obtained a $385 million construction loan for West Palm Point, an office building of more than 400,000 square feet under construction in downtown West Palm Beach, the South Florida Business Journal reported.

The tower sits on the city-owned site at 850 S. Quadrille Blvd. The city had sent the developer two default letters before granting an extension to Jan. 1, 2029, conditioned on closing construction financing.

Life Time signed a 20-year lease with four five-year options at 3180 Biscayne Boulevard, a 2.6-acre block owned by Crescent Heights in Miami's Edgewater, according to county filings cited by Commercial Observer.

The developer filed plans in January for two towers with 1,307 apartments and 98,729 square feet of commercial space under the Live Local Act.

Deutsche Bank, which made the $242 million CMBS loan behind Savanna's 2019 purchase of 521 Fifth Avenue, has asked for another 90-day extension of the foreclosure sale of the 495,636 square foot Midtown tower, according to a KBRA credit alert cited by Commercial Observer.

The building, 67% leased, was pulled from the market in September after being offered at $265 million. A June appraisal valued it at $270 million, down from the $381 million purchase price.

Namdar Realty Group bought the leasehold on 71 Fifth Avenue, an 11-story Flatiron office and retail building, from a Madison Capital and Lubert-Adler venture, Commercial Observer reported.

Madison paid nearly $85 million upfront for the leasehold in 2016, and market sources had said in 2021 it could fetch as much as $150 million. About 90 years remain on the ground lease.

JLL sold Lakeside at Quarry Oaks, a 123,272 square foot, three-story office building near Braker Lane and Seton Center Parkway, for Brick Row Holdings to Texas private equity firm DML Capital, and arranged a life company acquisition loan, according to JLL.

The building was 98% leased at closing and sits near the planned 300-acre UT Dell Medical Center, set to open in 2030. The Austin Business Journal reported Brick Row had bought it about a year earlier. The price was not disclosed.

Among U.S. markets with at least 100 million square feet of retail, Austin posted the strongest net absorption over the past year, equal to about 1.5% of inventory, according to CoStar data reported by Chain Store Age. Phoenix followed at 1.2% and Dallas-Fort Worth at 0.9%.

Nationally, retail vacancy sits near 4.4% and deliveries are at their lowest since 2021.