Articles of the week ending March 22nd.
Commercial Real Estate, New York City, and General Articles that got my attention this week.
Why Empty Offices Are Being Converted to Coworking Spaces
Landlord’s creating their own co-working spaces.
WeWork Renegotiates 8 More Leases, Delays Financial Reporting Again
WeWork has renegotiated leases at eight locations, securing reduced rent and making amendments to contracts, as it continues to navigate its Chapter 11 bankruptcy.
Third Avenue Office Landlords Battle High Vacancy Rates
At look at what to do with Third Avenue vacant offices.
Related, Wynn Unveil Plans for Casino Resort in New York’s Hudson Yards
The proposed Hudson Yards casino resort features a 5.6-acre park, luxury hotel and gaming tower, residential building with affordable housing, and top-tier commercial office space.
New York Developer Clipper Says City Is Ending a Major Brooklyn Office Lease Early
NYC plans to exercise it’s termination option on a large block of space in Brooklyn.
Lender Moves To Foreclose On $350M Loan Tied To 1.1M SF Garment District Tower
The pre-foreclosure action against Shorenstein Properties’ 1407 Broadway office building highlights the firm’s default on a $350M loan.
Long Island commuters boost Midtown East foot traffic
The opening of the East Side Access transit connector and increased LIRR service to Grand Central has significantly boosted foot traffic in Midtown East.
Law firms emerge as prime tenants for struggling office landlords
Law firms have emerged as prime tenants for struggling office landlords, with their stable leasing activity and preference for newer, more appealing office spaces.