Sponsors such as Tishman Speyer, CBRE and Sam Zell have all launched blank check companies in recent months.

With financing in place, construction will now begin on the 1.4 million-square-foot development that will encompass a full block and reach 27 stories.

In June Simon Property Group announced it was terminating its merger agreement with Taubman Centers because it had experienced a material adverse event with the coronavirus.

Year-to-date investment in the sector plummeted 48% in the industry.