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Real Estate Roundup 10.16.20

Real Estate Roundup:

Hospitality

  • Magna is buying a $56 million loan on the 239-room Fairfield Inn & Suites at 325 West 33rd Street from lender Wells Fargo. The deal is being structured as a deed-in-lieu-of-foreclosure, where the owner, Shidler Group, is handing back the keys in exchange for being able to walk away from the debt. In the second deal, Magna is buying a $52 million loan on the 224-room Courtyard by Marriott at 307 West 37th Street from Barings. The transaction is structured similarly, but pricing details of both details aren’t yet available. (TRD)

Office leasing 

  • Law firm Kreindler & Kriendler has signed an 11-year lease for 14,078 SF on the 28th floor of SL Green’s 485 Lexington Avenue. Asking rents in the building range between $54 to $67 per SF. (CO)
  • Asset manager Sanne has signed a seven-year lease for 20,865 SF space on the fifth floor of Empire State Realty Trust’s 1333 Broadway. Asking rent on the deal was $69 per SF. (CO)

Retail 

  • Bed Bath & Beyond is permanently closing its longtime Chelsea location at 620 6th Avenue. In August, the company renewed its lease — slightly trimming its space to 92,000 SF — and said it would turn the store into a flagship location. The store is scheduled to shutter on Jan. 7, and the company cited unforeseeable business circumstances prompted by Covid-19 as the reason. (TRD)
  • Mall operator Unibail-Rodamco-Westfield has filed a lawsuit against Express, saying the retailer owes $30 million in skipped rent across 27 locations throughout the U.S. Many struggling retailers have argued the pandemic allows for missed rent under force majeure clauses included in many leases. But Unibail says its leases with Express specify that even in “acts of God” cases, “governmental laws,” or other similar instances beyond reasonable control, rent is still due. (TRD)
  • Wilmington Trust is suing a JV between Simon Property Group and Hudson’s Bay Company for allegedly failing to make mortgage payments at the Dadeland Mall in Miami.The lawsuit alleges that the borrowers have not made any payments since March. Wilmington, which filed the complaint as part of a commercial mortgage-backed securities trust. (SFBJ)

Tech 

  • Infamous WeWork Founder Adam Neumann has invested $30 million in Hello Alfred, a startup that provides apartment buildings with services such as concierge-like staff and software to manage maintenance requests and other paperwork. Power of We –– trouble brewing! Hello Alfred’s CEO Marcela Sapone, said that when she met Neumann this year, they shared a vision for reinventing real estate. (Bloomberg+DailyBeatNY)
  • The We Company, parent of money-losing shared office provider WeWork, is dropping the “we” moniker to revert to its better-known name. (Reuters)
  • Nasdaq Ventures recently made a strategic investment in Dealpath, a cloud-based real estate deal management platform. (Nasdaq+TRD)

New to the market 

  • Severn Realty Partners has put 576 Fifth Avenue in the Diamond District on the market for a high asking price of $113 million. The 12-story mixed-use property spans 78,564 SF. (PR+Crain’s)

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