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Lincoln Property Company recently completed approximately 32,000 square feet of leases for the class-A property, Parkside Tower, the largest of which was Scottish Rite's lease renewal of 21,358 square feet.
Under the scenario Trepp used, the cumulative default rate across commercial mortgages overall will rise to 8%, up significantly from the current 0.4% default rate.
Katz and Shainker also denied Mack-Cali's earlier statement that Bow Street was seeking a "fire sale" of the company after it called for the removal of Mack-Cali CEO Michael DeMarco in a letter to shareholders last month.
Manuel Fishman, shareholder at Buchalter in San Francisco, says the real estate industry is a chain where one part may collapse the whole chain and now is the time everyone should be working as partners.
Janus Property Company, a real estate development and management company based in New York City, has secured a 10-year lease for its West Harlem Manhattanville Factory District property dubbed the Sweets Building, a 200,000-square-foot former brewery redeveloped to include an office building.
Jamie Fleming, CEO of Seattle-based Altoura, is providing his company's software licenses for free and discounting its design services due to the very real dangers and pain COVID-19 has caused in his own back yard.
Local governments have been given authority over evictions during the pandemic, but court closures will be an obstacle for any landlords looking to pursue this path.