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Office REITs find an open door in the bond market
MarketWatch | By Joy Wiltermuth
Top owners of high-quality office properties were among a batch of public real-estate investment trusts that raised nearly $2.5 billion in debt and equity in the past week.
BXP, Inc., formerly known as Boston Properties, borrowed $850 million in the corporate bond market, while Cousin Properties Inc. raised $500 million, according to BofA Global Data.
A total of $29 billion in fresh U.S. investment-grade corporate bonds were issued in the week through Thursday, per BofA Global, with trading levels narrowing about five basis points on average, indicating demand for the debt issuance.
Bulletproof to bust: Top AAA bonds tarnished by a Blackstone office deal’s blow up
MarketWatch | By Joy Wiltermuth
Top AAA-rated commercial property bonds have been tarnished by a defaulted office loan on a Blackstone Inc. building in New York City, which in May left investors with big losses.
While Blackstone ran into trouble on 1740 Broadway, a 26-story office building near Manhattan’s Columbus Circle, in the wake of the pandemic, it took several years to resolve its huge mortgage bill.
It wasn’t until recently that investors in the property deal received some of their money back after nearly a decade, albeit after taking a $190 million collective hit on their roughly $300 million investment, according to data from CrediQ.
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