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A New York multifamily firm gave the keys back to Bridge Investment Group after owning the apartments for three years.
The firm, run by former AEW execs, targeted public pension investors via emerging manager programs.
But lenders continue to highlight the different stories around trophy and non-trophy assets.
Commentary from Jerome Powell signals the growing need for asset management as a primary way of generating returns.
The $1.5bn acquisition will nearly double the manager’s real estate AUM and dramatically expand its equity platform.
The iconic Chicago skyscraper’s debt will next mature in 2028, with flexibility on further extension options.
Bruce Flatt says retail and high-net-worth investor channels will bolster fundraising momentum for real estate strategies broadly.
The headlines are becoming more positive but a recovery in US office remains skewed toward prime assets.
The Trump administration has imposed and dialed back tariffs on major US trading partners for materials necessary for real estate development.
Wells Fargo, Bank of America and Bank of Montreal led the financing recharge for the Midtown Manhattan office tower.