Strong Leasing Activity
Over 540,000 square feet of leasing concluded in the quarter, bringing the year-to-date total to 1.3 million square feet. The pipeline is refilled to over 1 million square feet for near-term execution, with a significant portion being midsized leases that are bringing down vacancy levels in Class A Midtown buildings.
Successful Investment and Transactions
Realized nearly $90 million of profit on a $130 million investment in the 522 mortgage position. Additionally, a transaction was consummated with a new domestic partner by selling a 50% participation interest in the preferred equity position in 625 Madison Avenue.
Significant Fundraising Achievement
Closed over $500 million of fund commitments, bringing the total closed to date to over $1 billion. This gives the company corporate liquidity and fund availability combined of over $2 billion.
Increased Earnings Guidance
Earnings guidance at the midpoint raised by $0.40 a share, reflecting substantial increased profit above the company's expectations.
Caesars Palace Times Square Casino Bid
Filed a response to the state's RFP in the casino license bid project, representing four years of work and planning. The project aims to provide significant tax revenue and uplift surrounding businesses.