Articles of the week ending October 23rd
Tishman Speyer, Bouwinvest Launch New U.S. Office Properties Fund
By Mark Hallum, Commercial Observer
Tishman Speyer and Bouwinvest launched a new U.S. office investment fund, with the Chrysler Building as its first investment, signaling confidence in repositioning well-located office properties amid opportunities in the U.S. market.
Ken Griffin Seals $3.3B Construction Loan for Manhattan Office Tower
By Andrew Coen, Commercial Observer
Ken Griffin’s joint venture with Vornado Realty Trust and Rudin secured $3.3 billion in construction financing for a 1.9 million-square-foot, 66-story office tower at 350 Park Avenue, with Citadel leasing 1.05 million square feet and completion targeted for 2032.
Higher rates squeeze SL Green even as Manhattan office demand stays strong
By Aaron Elstein, Crain’s New York Business
SL Green’s portfolio reached 95% occupancy as Manhattan office leasing demand remained strong, but rising interest rates, a higher-cost $2 billion refinancing for 245 Park Avenue, and slower-than-planned property sales pressured earnings and debt-reduction plans.
David Werner Buys 49% Stake in 605 Third Avenue
By Isabelle Durso, Commercial Observer
David Werner acquired a 49% stake in Fisher Brothers’ 605 Third Avenue, a 1 million-square-foot Midtown office tower, in a deal previously valued at $425 million, with plans to maintain the property as an office building rather than convert it to residential use.
Bond sale tied to Penske Media headquarters is latest on hold
By Charles Williams and Zahra Tayeb, Crain’s New York Business
A $175 million bond offering backed by 475 Fifth Avenue, home to Penske Media’s East Coast headquarters, was postponed amid rising interest rates, volatile credit markets, and weaker investor demand, highlighting growing financing challenges in commercial real estate.