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.
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]
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