Looking back, 2022 was a strong year for the global commercial industry, marking a return to the office for many of the world’s biggest corporations, regaining confidence in the retail sector, and continued growth for the always-resilient logistics and industrial asset classes.
We’ve rounded up the Top 10 Biggest Commercial Property Deals of 2022 from around the globe, what they tell us about investor confidence and areas on the rise:
Sun Belt Multi-Apartment Property Portfolio
Price sold for: $1.8 Billion
Location: 46 buildings across the USA
Buyer: Lone Star Funds
Asset Class: Residential
Details: The property portfolio spans 17 states in the nation’s Sun Belt and is a bet on the future of housing in high-growth markets experiencing strong in-migration of jobs and residents.
Mercatus Portfolio of Singapore Shopping Malls
Price sold for: $1.6 Billion
Location: Singapore
Buyer: Link REIT
Asset Class: Retail
Details: The deal is for the acquisition of suburban retail assets Jurong Point and Swing By @ Thomson Plaza, making this Southeast Asia’s biggest real estate transaction of 2022.
Royal Bank Plaza
Price sold for: $899 Million
Location: Toronto, Canada
Buyer: Amancio Ortega, founder of Zara
Asset Class: Office
Details: The skyscraper is home to leading banks, law firms and technology companies, is in the heart of Toronto’s financial core, and covers 139,350m2 across its two towers.
Fifth + Broadway
Price sold for: $787 Million
Location: Nashville, Tennessee
Buyer: Northwood Investors LLC
Asset Class: Mixed-Use
Details: Located centrally downtown, the 25,090m2 mixed-use, open-air centre is one of the largest single-phase mixed-use developments in the history of the city
Spencer Place
Price sold for: $552 Million
Location: Dublin, Ireland
Buyer: Blackstone Real Estate
Asset Class: Office
Details: The development comprises three grade-A office buildings, all of which are on a 15-year lease to Salesforce, along with a 204-bedroom hotel let to Ireland’s largest hotel operator, Dalata Hotel Group, on a 35-year lease.
Sancroft or 15 Newgate Street
Price sold for: $395 Million
Location: London, UK
Buyer: Greycoat and Mitsui Fudosan
Asset Class: Office
Details: Following a vacancy by primary tenant Goldman Sachs, flexible office provider Convene has now leased 45,000m2 of the building and law firm Goodwin Proctor has signed up for another 8,361m2 , bringing the building close to half-occupancy.
Primark Hub
Price sold for: $143 Million
Location: County Kildare, Ireland
Buyer: Union Investment
Asset Class: Industrial
Details: Union Investment is entering the Irish logistics market and has acquired the international clothing retailer, Primark’s, distribution centre with plans to open by the end of summer 2024.
United Legwear & Apparel Distribution Centre
Price sold for: $102 Million
Location: Beaumont, California
Buyer: United Legwear & Apparel Co
Asset Class: Industrial
Details: As one of the USA’s biggest industrial leases of 2022, this 167,225m2 warehouse represents the seemingly bottomless demand for distribution space across Southern California, one of the country’s largest warehouse and distribution markets.
One Madison Avenue
Price leased for: $50 Million Per Year (Speculated)
Location: Manhattan, New York
Tenant: Franklin Templeton
Asset Class: Office
Details: Investment firm Franklin Templeton signed a 15-year lease for 32,281 m2 of space at One Madison Ave, which is set to open this year. This marks the first major development in Manhattan’s Midtown South district in over a decade.
One Wall Street
Price leased for: Not Disclosed
Location: Manhattan, New York
Tenant: Printemps
Asset Class: Retail
Details: French luxury department store chain Printemps expects to open a two-level, 5050m2 store at the One Wall Street building in the Financial District in the spring of 2024. It was the largest retail lease in New York City in 2022, according to data from CoStar.
