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Real Estate Roundup 3.2.20

477 Madison Avenue (Credit: Google Maps)

Real Estate Roundup:

Office Leasing

  • Law firm Rivkin Radler has signed a long-term lease for 14,888 SF to relocate within RFR’s 477 Madison Avenue. (CO)
  • Fintech firm Addepar has signed a 10-year lease for 40,000 SF on the entire 26th floor of Milstein Properties335 Madison Avenue. Asking rent on the deal was $115 per SF. The company is relocating from its 28,000-square-foot space on the 14th floor. (CO)
  • Financial firm Citadel Securities has signed a 3-year, 120,000-square-foot office lease to expand at 350 Park Avenue. The money management firm is awaiting the completion of the delayed Manhattan office building at 425 Park Avenue. (Crain’s)

Tech

  • Blackstone has made a strategic investment in the cloud-based acquisitions manager Dealpath. (TRD)
  • Jared Kushner has divested from Cadre, the real estate technology startup he co-founded, after the business attracted investment offers that could pose conflicts of interest for the White House aide. He recently listed his stake in federal disclosures as being worth between $25 million and $50 million, and the sale price was in that range. (Bloomberg)
  • Because New York requires at least two types of loans for each commercial real estate project, many New York developers grapple with the pain of tracking multiple funding sources. Rabbet breaks down the New York Lien Law and how to meet its demands. (Rabbet)

Politics 

  • A proposed Flushing Creek rezoning that would allow a hotel, retail and 1,700 new apartments at a total cost of $1 billion is facing local opposition despite a favorable community board vote. (CityLimits)

Other news 

  • Blackstone Group agreed last Wednesday to acquire IQ Student Accommodation from a group led by Goldman Sachs Group for $3.60 billion including debt, the latest bet by the U.S. buyout giant on the growth of student housing in the U.K. IQ is one of the U.K.’s largest owners of student housing, overseeing more than 28,000 beds in facilities located in some of the country’s major university cities, including London, where the portfolio is concentrated, Manchester, Leeds, Sheffield, Edinburgh and Birmingham. (Morningstar)
  • The Week That Wiped $3.6 Trillion Off the Stock Market… Over the course of seven days of selling, the S&P 500 dropped 13% from its peak. The yield on the 10-year U.S. Treasury note—a bedrock of global finance—has tumbled to a record low, indicating soaring prices as traders from other markets seek out the safety of debt issued by the richest nation in the world. (WSJ)

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