Strong Leasing Activity
Concluded over 540,000 square feet of leasing in the second quarter, bringing the year-to-date total to 1.3 million square feet. A pipeline of over 1 million square feet for near-term execution, with 80% of leases under 25,000 square feet.
Significant Financial Transactions
Realized nearly $90 million of profit on a $130 million investment in the 522 mortgage position. Sold a 50% participation interest in the preferred equity position in 625 Madison Avenue, yielding over $300 million of fresh cash proceeds.
Increased Earnings Guidance
Raised earnings guidance at the midpoint by $0.40 a share, reflecting a 7.4% increase due to substantial increased profit.
Casino License Bid
Filed a response to the state's RFP in the casino license bid project for Caesars Palace Times Square, a project expected to bring significant tax revenue and economic benefit.
Record Fund Commitments
Closed over $500 million of fund commitments, bringing the total closed to over $1 billion, enhancing corporate liquidity.