The mixed-use office and retail tower under development in Downtown Manhattan's Financial District at 25 Park Row is seeing a wave of interest from retailers, some with small-to-large footprints and letters of intent for flagship buildouts.

Creative Science Properties announced last week its intent to change its name to IQHQ, Inc. IQHQ also announced at that time it had successfully completed a $770-million equity raise.

Space arbitrage enables a business to capitalize on the potential to offer physical space for new alternative revenues without assuming lease risk.

Paying a 51% premium for its rival's assets suggests that class A mall REITs in general are undervalued.