The loan was provided by a lending group led by Aareal Capital Corp., Citi and Credit Agricole.

Demand for office space is likely to fall with companies embracing remote work in higher numbers.

The number of terminated contract deals as a percentage of closed transactions has risen from 2.1% in April to 2.9% in May—seven times the average percentage of deals falling through between 2015 and 2019.

For the third month in a row, rental payments have decreased as the industry has been affected by massive economic upset, according to Rentec Direct.