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Real Estate Roundup 11.22.19

SoftBank’s Masayoshi Son (Credit: Bloomberg)

Real Estate Roundup


Morgan Stanley is expanding its existing 1.2M SF lease at Brookfield’s One New York Plaza by 88,699 SF. (NYPost)

Nonprofit, Center on Addiction has signed a 30,035 SF office lease at SL Green’s 711 Third Avenue. Asking rent on the deal was $65 per SF. (CO)

Accounting firm Crowe has signed a 44,493 SF office lease at SL Green’s 485 Lexington Avenue. Asking rent on the deal was $69 per SF. (CO)

Urgent care center, Essen Health Care has signed a 18,000 SF lease at Douglaston Development’s 828 East 149th Street in Mott Haven. Asking rent on the deal was $23 per SF (CO). 


Mitsubishi UFJ Financial Group, Japan’s biggest bank, is likely to withhold additional loans to finance SoftBank’s $9.5 billion rescue package for WeWork. According to analysts, the unprecedented cautious stance – in which SoftBank’s closest circle of lenders effectively issued a vote of no confidence in its investment capabilities – could signal a turning point in the close relationship between Japanese banks and Masa Son. (FT)

Saga continues: SoftBank is now looking for a way to reduce the size of a $3 billion tender offer for WeWork stock owned by founders, employees and investors as part of its rescue package. Such a move would be designed, at least in part, to limit the amount paid to Adam Neumann. The Japanese Group still has $19 billion in cash on hand. (Bloomberg)

Other news 

Brookfield Properties has released renderings for its massive planned residential development on the South Bronx waterfront. The 4.3-acre complex is expected to cost $950 million. (CO)

New study commissioned by Manhattan Borough President Gale Brewer, City Council Member Margaret Chin, and the Department of City Planning, is expected to form the basis of the first comprehensive rezoning of SoHo and NoHo in decades. (Gothamist) 

Blackstone Group has closed the door on its giant rental-home gambit… The investment firm sold the last of its stake in Invitation Homes, the company it created after the housing crisis to scoop up tens of thousands of foreclosed single-family properties from the courthouse steps, spruce them up and rent them out. (WSJ)

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