Lease Renewal Success
Executed a meaningful lease renewal at 196 Orchard, extending the weighted average remaining lease term of the portfolio to 6.2 years, up from 5.9 years in the previous quarter.
Strategic Disposition of 1140 Avenue of the Americas
Entered into an agreement for the strategic disposition via a cooperative consensual foreclosure, expected to close in Q4 2025, eliminating a $99 million liability.
Noncash Gain from Foreclosure
Reported a $44.3 million noncash gain related to the foreclosure of 1140 Avenue of the Americas, contributing to a GAAP net gain of $35.8 million.
Reduction in Professional Fees
Proactively reduced professional fees by changing auditors, focusing on streamlining the cost structure.