Term Sheet: Tishman’s Hudson Yards re-up; Brookfield’s Bay Area boost; Fitch’s CMBS forecast

Tishman Speyer and Henry Crown have kickstarted 2025’s CMBS activity with a $2.85 billion financing package for Hudson Yards’ Spiral; Brookfield is not backing off debt opportunities with a $484 million Bay Area life sciences financing in the bag; Fitch outlines more CMBS volatility for offices as other sectors regain footing in 2025 and beyond; and more in today’s Term Sheet, exclusively for our valued subscribers.