Office

The legal industry was hit hard by the 2008 financial crisis, but this time, the industry is well poised to handle the economic dislocation ahead.

The convenient location of the office tower at 529 Fifth Avenue in Midtown East will be particularly advantageous as workers return to the office amid the pandemic, said Alexander Chudnoff, a vice chairman at exclusive leasing agent JLL.

Tim Jemal steps into the role at one of NAIOP's largest chapters with more than 1,000 members.

Zoned for office use, the Queens property encompasses 180,000 buildable square feet within an Opportunity Zone.

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.

This amount is more than double the amount of CMBS loans that went into special servicing for all of last year.