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Top related persons:
Elon - 1 Goldman - 1 — - 1 Goldman Sachs - 1 Musk - 1
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Columbia Property - 1 Columbia - 1 Twitter - 1 Service - 1 Privacy - 1 Federal Deposit Insurance Corporation - 1 The Financial Times - 1 Columbia Property Trust - 1

Search resuls for: "Columbia Property Trust"


6 mentions found


☆ Elon Musk's decision to not pay rent on Twitter's offices is adding to commercial mortgage headaches at Goldman Sachs
  + stars: | 2023-06-14 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +3 min
Elon Musk's decision not to pay Twitter's rent is causing pain for Goldman Sach's commercial real estate portfolio, the FT reported. Goldman was part of a group that originated a $1.7 billion loan to Columbia Property, the owner of several of Twitter's offices. That dwarfs the rise of commercial real estate delinquencies seen across the entire US banking industry, with bad commercial real estate loans rising just 30% nationwide, notching $12 billion over the first quarter. But the jump in Goldman Sach's bad commercial property loans appears partly attributable to Twitter, which has not paid rent on its offices since November of last year. It owed $136,260 on its office spaces as of December 2022, Columbia Property said in its suit.
Persons: Elon, Goldman, —, Goldman Sachs, Musk Organizations: Columbia Property, Columbia, Twitter, Service, Privacy, Federal Deposit Insurance Corporation, The Financial Times, Columbia Property Trust
☆ The fallout from empty offices is coming. Here's where investors could see the pain
  + stars: | 2023-04-14 | by ( Christina Cheddar Berk | ) www.cnbc.com   time to read: +12 min
As concerns about regional banks roiled markets, investors weighed another threat: commercial real estate. Also, layered on top of the property value pressure, are the tightening credit conditions brought on by the recent turmoil in the banking sector. There is no doubt this scenario is a toxic mix for the capital-intensive real estate industry. At the moment, many experts say the real estate market isn't causing trouble for banks, but fears about the financial system are likely worsening conditions in real estate because liquidity is being reduced. The biggest concern is seeing how many other companies join Brookfield , Blackstone and Pimco in handing back the keys on office properties, Clancy said.
☆ Silicon Valley Bank imploded in a single day. It could just be the tip of the iceberg.
  + stars: | 2023-03-11 | by ( Matthew Fox | ) www.businessinsider.com   time to read: +8 min
The Federal Reserve's prolonged period of low interest rates created many financial dislocations that are now flaring up. Case in point: Silicon Valley Bank imploded in a single day after surging interest rates caused it to sell a bond portfolio at a huge loss. The chaotic episode showed that the Fed's aggressive interest rate hiking regime could upend institutions that were once thought to be relatively stable. Since the Fed started raising interest rates in March 2021, bitcoin — formerly a highly touted inflation hedge — has plunged more than 65%. "Investors, smelling blood, then turn their attention to the next bank exposed to interest rate risk and specific credit risk, and then the next."
☆ Pimco Is Saddled With a $1.7 Billion Default in Office-Market Meltdown
  + stars: | 2023-02-28 | by ( Peter Grant | Konrad Putzier | ) www.wsj.com   time to read: 1 min
In 2021, the asset-management firm known as Pimco banked on an office-market comeback. Interest rates were near historic lows, and the economy was humming. Cities were expecting a surge in newly vaccinated workers returning to the office. In September that year, Pacific Investment Management Co. said it was acquiring Columbia Property Trust Inc., which owned 19 office buildings in New York, San Francisco, Washington, D.C., and other cities. The deal valued Columbia at $3.9 billion.
☆ Twitter's New York office has a cockroach problem
  + stars: | 2023-01-15 | by ( Grace Kay | Sam Tabahriti | Kali Hays | ) www.businessinsider.com   time to read: +3 min
Twitter staff have spotted cockroaches in changing rooms and showers, sources told Insider. A representative for the company that owns the office building declined to comment. Staff at the office in Chelsea have seen cockroaches in the showers and a changing room at the facility, sources said. Twitter is the only direct leasee at the office building which is listed as a "Class B" building on CoStar, a commercial real estate database. Some staff at Twitter's headquarters in San Francisco have been sleeping in the office after Musk issued an ultimatum for staff to work "extremely hardcore."
☆ Twitter sued by landlord for allegedly failing to pay rent
  + stars: | 2023-01-03 | by ( Brian Fung | ) edition.cnn.com   time to read: +3 min
CNN —A commercial landlord is suing Twitter for breach of contract after the company allegedly failed to pay rent for one of its offices in San Francisco. The lawsuit concerns Twitter’s office space at 650 California Street, not its main headquarters on Market Street. The complaint by Columbia REIT – 650 California, LLC asks the court to force Twitter to pay the unpaid rent plus interest, as well as the landlord’s attorneys fees. Musk’s deep pockets make Twitter a lucrative renter, at least when it pays, or when it is forced to pay. “The litigation is a normal and expected action to occur when a tenant has a lease and does not pay rent required by a valid contract with the landlord,” Tobias said.
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