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Jim Gorman’s worries notwithstanding, the commercial real-estate marking seems to be thriving in spite of a stubborn, lingering global pandemic fueled by stubborn, ludicrous vaccine-averse people. Sales are at pre-pandemic levels (although Gorman’s beloved New York hasn’t rebounded quite as well) and the world’s biggest commercial real-estate services firm is feeling frisky.

CBRE Group Inc. has cut a deal to make one of its largest acquisitions ever, paying roughly $1.3 billion, or £960 million, for a 60% stake in Turner & Townsend Holdings Ltd., one of the world’s largest managers of infrastructure, natural-resources and real-estate construction projects.

Still, a deal is a deal, devastating collapse or not.

An infamous hedge fund that recently collapsed in spectacular fashion is now facing a missing rent lawsuit from Vornado Realty Trust. The real estate investment firm has sued Archegos Capital Management for approximately $160,000 worth of unpaid rent in its building at 888 Seventh Ave.

And speaking of companies not interested in losing money (any more of it, anyway) on Archegos and its like….

David Wildermuth will join Credit Suisse as chief risk officer on 1 February next year, the bank said in a statement. He replaces Lara Warner, who was ousted in the wake of the collapse of family office Archegos, which has cost the Swiss bank $5.5bn — far more than its peers.

Vornado goes after infamous Archegos hedge fund for $160K in missing rent [Crain’s New York Business]
Credit Suisse hires Goldman Sachs executive Wildermuth as new chief risk officer [FN]
Commercial-Property Sales Volume Returns to Prepandemic Levels [WSJ]
CBRE to Buy 60% Stake in Turner & Townsend in $1.3 Billion Deal [WSJ]

For more of the latest in litigation, regulation, deals and financial services trends, sign up for Finance Docket, a partnership between Breaking Media publications Above the Law and Dealbreaker.


888 7th

At Least Bill Hwang Saved Some Souls

Because that’s about all his former employees have left in absence of their deferred comp.

Getty Images

Credit Suisse’s Fondness For Spies Extended To Its Client List

Any Middle Eastern intelligence chief worth his salt had at least one account in Zürich.

(Getty Images)

Goldman, Morgan Stanley Didn’t Just (Allegedly) Screw Credit Suisse Over On Archegos Sales

At least one company did not enjoy having its shares dumped, it says in lawsuit form.


Prosecutors Pretty Sure You Can’t Lose Your Banks $10 Billion Legally

Which is bad news for Bill Hwang and the Archegos crew.

Photo: Getty Images.

What Credit Suisse Lacks In Money Lost On Archegos It Makes Up For In Ominous Requests For Information

The Justice Department and Prudential Regulation Authority have some questions.