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AllianceBernstein to sign NYC lease; Brooklyn, NY, tower gets $200M refinancing

Commercial real estate

* Investment firm AllianceBernstein plans to lease roughly 200,000 square feet of office space at Tishman Speyer's The Spiral tower under construction at Hudson Yards in Manhattan, N.Y., Crain's New York Business reported, citing multiple unnamed sources. The $3.7 billion tower is expected to open by 2022.

The investment firm, which is moving its headquarters to Nashville, Tenn., as a cost-cutting measure, was looking to consolidate its New York presence.

* Red Apple Group received $200 million to refinance the 32-story apartment tower known as The Eagle in Downtown Brooklyn, N.Y., Commercial Observer reported, citing property records. The refinancing for the 86 Fleet Place property was provided by Santander Bank.

The new debt replaces and consolidates $170 million in financing from Bank of America that was provided in 2015. The 440-unit tower, completed in 2017, has 34,000 square feet of amenity space.

* McSam Hotel Group LLC refinanced its under-construction Hyatt Place hotel in Manhattan's Garment District with a $160 million loan from Deutsche Bank, The Real Deal reported, citing city records. The financing for the 350 W. 39th St. project replaces a $95 million debt package from Bank OZK from 2017.

* Marc Realty and DDG plan to redevelop a dairy supply industrial facility at 1234 W. Randolph St. in Chicago's Fulton Market into a 13-story hotel with at least 250 rooms, Crain's Chicago Business reported, citing an investment document promoting the $105 million project. Real estate crowdsourcing platform Prodigy Network plans to raise $55 million for the project and expects to open the hotel in 2021.

* Sterling Bay and JP Morgan Asset Management are seeking an $84 million mortgage financing for a newly completed office complex at 210 N. Carpenter St. in Chicago's Fulton Market, The Real Deal reported, citing a financing document distributed by JLL on behalf of Sterling Bay.

CVS Pharmacy has leased the building's full 12,000 square feet of retail space, and the 200,000-square-foot building is roughly 94% occupied following leases by Google, Leopardo, S2G Ventures and Revolution.

* Citing several unnamed sources, the Philadelphia Business Journal reported that Rubenstein Partners' roughly $190 million deal to buy Chesterbrook Corporate Center and Glenhardie Corporate Center in suburban Philadelphia has fallen through after an impasse over deal terms. The deal, for a total of 18 buildings spanning 1.3 million square feet, was signed in December 2018. Buccini Pollin Group is reportedly looking to buy Glenhardie, the publication added, citing the sources.

Also in suburban Philadelphia, Brandywine Realty Trust's potential acquisition of the 376,303-square-foot Evolve office park was also called off, according to the publication. The asset is 94% occupied and offers development potential.

* London's Financial Times featured a report on retail landlords' adaptive measures in the face of rising online sales when retailers themselves are rapidly shifting their strategies. The publication noted that Simon Property Group Inc. is to develop at least five Marriott International Inc. hotels at its malls and Pennsylvania Real Estate Investment Trust's plans to develop up to 7,000 residential unit and 3,000 hotel rooms at its properties.

The day ahead

Early morning futures indicators pointed to a mixed opening for the U.S. market.

In Asia, the Hang Seng was up 1.46% to 28,920.87. The Nikkei 225 rose 1.79% to 21,503.69.

In Europe, before midday, the FTSE 100 was up 0.23% to 7,146.65 and the Euronext 100 was down 0.11% to 1,019.31.

On the macro front

The Redbook, Consumer Price Index and the NFIB small business optimism index are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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