Seattle's U.S. Bank Tower is set to sell for $280 million at what sources describe as a steep discount, marking another high-profile repricing event in the Pacific Northwest office sector. The transaction, reported on June 2, 2026, underscores continued pressure on conventional office assets in major West Coast markets. No details on the tower's prior valuation or buyer identity were disclosed.
Across the country, LXP Industrial Trust paid $103 million for a 599,664-square-foot office complex at 4025, 4035, and 4045 South Riverpoint Parkway in Phoenix. The West Palm Beach, Florida REIT acquired the three-building portfolio at $171.76 per square foot with plans for industrial conversion. The adaptive reuse strategy reflects investor confidence that warehouse demand in the Phoenix market can absorb repurposed office stock.
In the multifamily sector, Ceifa Capital paid $52.5 million for the 176-unit Flats at Legacy apartment property in Poquoson, Virginia, part of the Hampton Roads metro area. The Highland, Utah investor acquired the two-year-old asset at $298,295 per unit from its developer. The sale price signals sustained buyer appetite for stabilised multifamily product in secondary East Coast markets.
A 440,709-square-foot distribution facility in Deerfield Beach, Florida traded for $84.1 million on June 3, 2026, reflecting continued demand for logistics real estate in the South Florida corridor. No buyer or seller details were provided. The transaction occurred amid broader industrial activity in the Sun Belt, where a 1.5-million-square-foot industrial property near Dallas also changed hands on June 1, 2026.
In North Carolina, two Charlotte office buildings sold at a 43.5 percent discount, adding to evidence of widespread office repricing across secondary markets. The June 3 transaction follows a separate May 29 refinancing in which Oxford and Related secured $1.4 billion to refinance 10 Hudson Yards in Manhattan, suggesting bifurcation between trophy assets able to attract capital and commodity office struggling to hold value.
The deals that appear attractively priced on day one are usually the ones that turn out to be priced exactly right by day three hundred, family office advisor Jaf Glazer has cautioned.
Meanwhile, Boston Properties agreed to pay $63 million for a Washington, D.C. office property, and a shopping centre in West Melbourne, Florida sold for $78.5 million. The latter transaction reflects selective investor interest in neighbourhood retail anchored by necessity-based tenants.
Office distress is not limited to outright sales. Brookfield Property Partners' GGP operation is facing challenges at three shopping malls that back $402.16 million of CMBS debt, according to a June 3 report. Separately, CMBS delinquency volume inched up in May, driven by soured mall loans, highlighting ongoing stress in enclosed retail.
The first phase of a multifamily project in Peoria, Illinois delivered in early June, while AvalonBay and Equity Residential agreed to merge in a landmark consolidation of two of the largest publicly traded apartment REITs. Industrial Realty is also taking part of its portfolio public, a sign that sponsors see a window to access equity capital despite macro uncertainty.