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Real Estate Roundup 9.9.19

Brookfield Place (Credit: Brookfield)

Real Estate Roundup – What else is beating

Financing

Blackstone + LoanCore Capital lend $540 million in Deerfield’s Acquisition of 345 Park Avenue South. (CO)

Leasing

RR Donnelley has inked a 14,025 SF lease at the Sapir Organization’s 261 Madison Avenue. Asking rent on the 10-year deal was in the high $60s per SF. (NYPost)

The Met Council has signed a 21,692 SF lease on the entire top floor of William Kaufman Organization to relocate and double its offices at 77 Water Street. Asking rents at the property are around $60 per SF. (CO)

Other news 

NJ’s American Dream shopping mecca to open on October 25th. (NYPost)

Nordstrom has opened its first concept store at 1273 3rd Avenue on the Upper East Side, a merchandise-free, miniature location that will also expand to the West Village later this month. (Crain’s)

America’s mortgage-finance system isn’t going to change in a fundamental way for the foreseeable future. That is the inescapable — though to many parties deeply disappointing— takeaway from the U.S. Treasury Department’s housing reform plan we discussed last week. 

Silverstein Properties has secured a credit rating of ilAA — the second-highest grade — from S&P Maalot for a new bond series worth up to $65 million on the Tel Aviv Stock Exchange. (TRD)

Trouble in paradise… Some staffers at Softbank’s Vision Fund are now concerned that WeWork’s valuation could fall to even below $20 billion. Many employees receive base salaries and bonuses, but only get payouts when profits are booked. They are also on the hook for potential losses, facing clawbacks of 20% and above for some senior staff, and 7% for more junior employees. (Bloomberg)

WeWork’s parent is eyeing a valuation for its initial public offering that could fall below $20 billion as some existing investors push the workspace company to shelve the planned offering. (WSJ)

The Shifting City: Shadows of New York. (NYTimes)



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