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☆ Inside Peloton's rapid rise and bitter fall — and its attempt at a comeback
▼ + stars: | 2023-02-19 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +9 min

"It felt like nothing could get in the way of all that," said a former engineer who attended the party. For this report, CNBC spoke with 16 current and former Peloton employees, the majority of whom declined to be identified because they are not permitted to speak publicly about the company. Foley, meanwhile, spoke briefly with CNBC by phone, saying that while Peloton's stock has fallen, the company has not. Peloton's stock price was slowly sliding down, and employees began to panic as they saw their paper wealth evaporate. By June 30, the end of Peloton's fiscal year, the company's full-year net loss ballooned to $2.83 billion.

They stressed that the reallocation would be gradual and not result in fire sales, with new money going largely into fixed income rather than alternative investments. Goldman Sachs' asset management arm is planning to significantly reduce its $59 billion of alternative investments. Credit rating agencies Moody's and S&P, which both give Allianz high marks, have pointed to the greater risk posed by comparatively illiquid alternative investments in Allianz's portfolio. Alternative investments come at a price, requiring Allianz and other insurers to set aside more capital to own them because they are less liquid than bonds. In its wake, Allianz has had to close down Allianz Global Investors in the United States in a serious blow to the company.

☆ Microsoft and Google promised to invest in these communities. Now they’re backtracking
▼ + stars: | 2023-02-14 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +11 min

Hyosub Shin/The Atlanta Journal-Constitution/ZUMA Press WireFacebook-parent Meta, Microsoft, Salesforce and Snap have each shuttered offices or announced plans to cut back on real estate, according to recent corporate announcements, filings and local news reports. But residents also had cautious optimism about the benefits Microsoft promised to the community, according to Hope. Hope’s community isn’t alone in confronting the whiplash of Silicon Valley’s real estate pullback. An office sits vacant on October 27, 2022 in San Francisco, California. The US Census Bureau reports an estimated 35% of employees in San Francisco and San Jose continue to work from home.

☆ Meet the team behind CNN’s ‘New Year’s Eve Live’
▼ + stars: | 2022-12-31 | by ( Tricia Escobedo | ) edition.cnn.com time to read: +5 min

ET as Anderson Cooper and Andy Cohen co-host CNN’s “New Year’s Eve Live” from New York City’s Times Square. CNN —Every New Year’s Eve, Anderson Cooper and Andy Cohen host four-and-a-half hours of live television, joined by celebrity guests and performers, as they count down to the new year. “New Year’s Eve Live” is created by “a patchwork team of CNN employees from different show teams, bureaus and units from around the globe,” Hall explained. Here’s what Doft and Hall told us about the live special and what we can look forward to Saturday night:This is the 20th year that Anderson Cooper has hosted ‘New Year’s Eve Live’ on CNN. In fact, it’s why he chooses to anchor “New Year’s Eve Live” — to make sure the audience has a place to go and to fill people with hope, laughter and love.

☆ Remote Work Is Gutting Downtowns, Will Cost Cities $453 Billion
▼ + stars: | 2022-12-06 | by ( Emil Skandul | ) www.businessinsider.com time to read: +13 min

Even 2 1/2 years later, most city downtowns aren't back to where they were prepandemic. Without more-robust policies to address failing downtowns, cities are going to start hurting. The increased cancellations of office leases have cratered the office real-estate market. Since 2016, only 112 commercial office spaces in the US have been converted, while 85 projects are underway or have been announced, according to CBRE's data. The birth of the central social districtTo avoid a commercial real-estate apocalypse, cities will need to streamline conversions.

☆ A tale of 2 tech giants: Struggling Meta is pulling back on offices in LA and NYC to cut costs, while TikTok is expanding
▼ + stars: | 2022-12-02 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +3 min

TikTok is seeking 150,000 square feet in Los Angeles to more than double its footprint in the city. One of the leasing executives who spoke with Insider said TikTok had considered spaces from "Santa Monica to downtown" Los Angeles. Meta, meanwhile, has 260,000 square feet in Los Angeles at the Brickyard, a recently built office complex in Playa Vista. The diverging appetite for office space between TikTok and Meta underscores a change in fortune for both firms. A spokeswoman for Meta said the company would not comment on its LA offices or its plans for them.

☆ Meta is moving out of two of its fancy New York offices as Mark Zuckerberg's cost-cutting measures continue
▼ + stars: | 2022-12-01 | by ( Aaron Mok | ) www.businessinsider.com time to read: +3 min

Meta's move to return its office space is part of CEO Mark Zuckerberg's plan to cut costs. "The past few years have brought new possibilities around the role of the office," Meta spokesperson Tracy Clayton told Insider. 30 Hudson Yards is a glass skyscraper over 100 stories high, with outdoor terraces and panoramic views of the Hudson River. Meta will keep its office space at 50 Hudson Yards. Meta will also keep the office space it leased in 2020 at the James A. Farley Building in midtown Manhattan.

☆ Meta is downsizing at New York location it opened in 2019
▼ + stars: | 2022-11-30 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +2 min

Buildings in Hudson Yards from a new Meta office space in the Farley Building in New York, U.S., on Wednesday Sept. 29, 2021. Meta is scaling back its presence at a prime New York City location as the social media giant tries to reduce its costs to work through a slowing online ad market. The company said Wednesday it is subleasing a "small portion" of its facilities at 50 Hudson Yards, one of New York's largest commercial towers. Meta completed a lease with Hudson Yards in 2019 for more than 1.5 million square feet of office space, which included three Hudson Yards buildings. The report said Meta now leases over 250,000 square feet of space across two Hudson Yards towers.

☆ Wall Street's trust issues with crypto won't be easily repaired in the wake of the FTX blowup
▼ + stars: | 2022-11-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Trust in the crypto industry — be it with Wall Street firms, politicians, venture capitalists, or the general public — is destroyed thanks to FTX's downfall. It's a bitter pill to swallow when one considers the hard-fought progress crypto had made on Wall Street in recent years. canvassed more than a dozen Wall Street insiders to get a sense of where traditional firms stand on their crypto plans. Meanwhile, firms hoping to bridge the gap between Wall Street and crypto have been put in an impossible spot, answering for another's sins. Click here to read more on how Wall Street is moving forward with its crypto plans in the wake of FTX.

☆ KKR is canceling its plans for a big new Manhattan office. It joins Meta, Netflix, and other big firms pulling back on office space.
▼ + stars: | 2022-11-22 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +6 min

Two senior leasing executives in Los Angeles told Insider that Meta just canceled its plans to expand by 300,000 square feet in the city. KKR's decision comes as New York City's office market flagsTenants who are on the fence about taking space have little incentive to rush to commit to deals as the city's office market continues to soften. Leasing activity in Manhattan totaled 20.27 million square feet through October, according to CBRE, 38% more than the same period last year. Leasing is on track to finish the year well below prepandemic activity in 2018 and 2019, when 32.4 million and 31.6 million square feet were leased respectively in total. Cushman & Wakefield data showed there was over 21 million square feet of sublease space available in Manhattan in September.

☆ Caesars and developer SL Green pitch Times Square casino plan
▼ + stars: | 2022-10-20 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

Developer SL Green Realty is working with casino operator Caesars Entertainment on a bid to bring a casino to New York's Times Square, the companies announced Thursday. The partners said the proposed project would redevelop Times Square building 1515 Broadway into Caesars Palace Times Square, which will include a Broadway theater that will be home to "The Lion King" and other entertainment attractions. They also promised the development would "accelerate economic recovery for surrounding businesses" in Times Square, as well as "create good-paying union jobs for New Yorkers." "We believe that Times Square offers the best location for a new resort casino that can attract tourists and benefit local businesses. Caesars Palace Times Square will be 100% privately funded, the SL Green and Caesars Entertainment said, with Caesars managing the casino's operation and brand.

☆ The way that people use the office space will change, says Related Companies CEO
▼ + stars: | 2022-10-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe way that people use the office space will change, says Related Companies CEORelated Companies CEO Jeff Blau joins 'Squawk Box' to discuss the opening of 50 Hudson Yards and its new tenants, the square footage rates for the new building, and more.

☆ New York flower show celebrates 'remarkable women'
▼ + stars: | 2022-10-08 | by ( Roselle Chen | ) www.reuters.com time to read: +2 min

And we're bringing our FEMME show, which is a celebration of remarkable women," said Tina Barkley, co-founder of Fleurs de Villes. Register now for FREE unlimited access to Reuters.com RegisterSixteen mannequins standing over 10 feet tall are covered in hydrangeas, baby's breath, violets and more. Owner of Polycarp Flowers and floral designer Daica Skrobala said over 700 flowers were used to adorn her Fanny Brice flower installation. 1/5 A mannequin adorned in flowers in the likeness of Frida Kahlo is seen in New York, U.S., October 7, 2022. Register now for FREE unlimited access to Reuters.com RegisterReporting by Roselle Chen; Editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

☆ В Нью-Йорке здание Vessel вновь открыли для посетителей
▼ + stars: | 2021-05-28 | by ( Mld Media Srl | ) noi.md time to read: +2 min

Знаменитый «золотой улей» Vessel в районе Hudson Yards закрыли несколько месяцев назад — после серии самоубийств, которые там произошли. Здание Vessel было закрыто на несколько месяцев после трех самоубийств, произошедших за последний год. За последний год трое посетителей спрыгнули со строения высотой 150 футов, состоящего из 154-х соединенных друг с другом лестниц. «Наша цель — обеспечить максимальную безопасность каждого посещения Vessel», — сказал представитель Related. Напомним, здание Vessel открылось в марте 2019 года и привлекло 2,5 миллиона посетителей до того, как в январе было закрыто из-за череды трагедий.

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