offices

Sean Fulp, vice-chair and head of office capital markets for the Southwest at Colliers, believes technological and workforce changes mean previous business plans are no longer viable.

The 30-story office tower at 55 Broad Street will be redeveloped into a 571-unit luxury apartment building.

The national and regional banks that were once the stalwarts of the commercial real estate lending market are curtailing their activity, opening the door for alternative lenders to build new borrower relationships.

The Charlotte, North Carolina manager is looking at internal value creation – especially for assets like office.

A key theme the REIT is following is a migration of people leaving cities for the suburbs.

The imminent sale of a Class A Downtown Manhattan office will provide another important metric.

Rising interest rates and the reality of a post-covid-19 world mean valuations and leverage across all asset classes will be reset. Keys being handed back on office deals is a an indicator that has begun.

The property is the latest Los Angeles office building to experience severe headwinds. 

The New York manager acquired the property at 444 South Flower at a UCC auction in January. 

MetLife, PacLife and Bank ABC were also part of the syndicate for the SL Green-owned property.