Office

The building is 72 percent leased.

Transition risks can impact property valuation and should be incorporated in underwriting.

This is only the beginning of the recovery in The Big Apple, says Sarah Hawkins.

"We're getting healthy rents," said partner Kenneth Fisher.

The REIT will keep the remaining 55 percent.

Three-quarters of office space the GSA leases could also be canceled.

But could take 18 years for office to transition into a new post-pandemic normal.

The asset is two blocks from Grand Central Terminal.