The numbing onslaught of bad real estate news shows no sign of abating.
Real Estate Weekly is reporting that Centerline -- the real estate investment firm headed by Related Companies' Stephen Ross that the Wall Street Journal recently reported was in danger of defaulting -- is negotiating with Blackstone Group to wriggle out of its 100,000 square foot lease at 1095 Avenue of the Americas.
In 2007, Centerline clinched a deal for the third, fourth and fifth floors, totalling 100,000 square feet, at the hefty price of $125 a square foot (the price ultimately rose to $140 a square foot). The big numers were ostensibly justified by Blackstone's aggressive repositioning of the building, which includes a gut renovation and a brand new curtain wall. read more »