The commitments come from Mubadala Investment Company and CalSTRS.

The portfolio includes over 11,000 square feet of retail space and 126 multifamily units.

The property type might not be as flashy as Class As but they can work.

Other closings, involving another 41 properties, will take place by the June quarter.

The purchase adds to the developer's Upper East Side residential portfolio.

The portfolio takes up 217,217 square feet of space.

Class A and trophy buildings comprised more than three-fourths of the leases in 2024.

The projected slowdown comes as more supply enters the market.