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NYC tower gets $540M Blackstone loan; JV buys $534M stake in San Francisco tower

Commercial real estate

* Deerfield Management Co. LP received a $540 million loan from Blackstone Group Inc. to close its acquisition of the 345 Park Ave. South office tower in New York City, Commercial Observer reported, citing confirmation from unnamed sources. The five-year, floating rate loan will fund the 12-story, 300,000-square-foot building's acquisition and conversion into a life science property.

* Hines and the Hong Kong Monetary Authority completed the acquisition of a 49% stake in the Park Tower building in San Francisco for roughly $534 million, the San Francisco Business Times reported, citing three people familiar with the purchase. The property had been 95% owned by MetLife Inc. since 2015. Facebook Inc. fully leased the 755,900-square-foot tower in May 2018 in what was the biggest lease in the city's history, the report noted.

* WeWork Cos. Inc. parent The We Co.'s potential move to drastically slash its IPO valuation to about $20 billion from an earlier private valuation of $47 billion "still looks far too high," according to The Wall Street Journal, which compared it with peer IWG PLC, which has a valuation of about $12 billion.

Bloomberg News reported that WeWork's souring IPO comes at a critical time for its biggest stakeholder and backer, SoftBank Group Corp., which is trying to drum up support for a second $108 billion iteration of its Vision Fund. Citing people familiar with Softbank, the news outlet noted that some staffers fear that WeWork's valuation could fall even below $20 billion, at which Softbank had originally invested in the coworking startup.

* Zillow Group Inc. is commencing two offerings of convertible senior notes, a $600 million offering due in 2024 and a $500 million offering due in 2026, The Real Deal reported, citing Inman. The proceeds are marked for general corporate purposes, the report noted.

* Highwoods Properties Inc. said it renewed a 176,000-square-foot lease at its Highwoods Preserve property in Tampa, Fla., that was its largest remaining lease expiration through 2021.

* St. Joe Co. plans to relocate its corporate headquarters to Beckrich Office Park in Panama City Beach, Fla., from Watersound, Fla., with the relocation expected to complete in mid-2020. The company noted that it has eight projects underway in the city with more slated to commence before year-end.

* A joint venture between Friedkin Property Group and Bridge Capital Partners acquired the River Run Apartments in Naperville, Ill., for an undisclosed price, Crain's Chicago Business reported, citing confirmation from Morton Friedkin. The 11-building, 206-unit property was previously sold for $48 million in late 2016.

The day ahead

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

In Asia, the Hang Seng rose 0.66% to 26,690.76, and the Nikkei 225 rose 0.54% to 21,199.57.

In Europe, around midday, the FTSE 100 was down 0.8% to 7,265.62, and the Euronext 100 was down 0.18% to 1,080.49.

On the macro front

The employment situation report, the quarterly services survey and the Baker-Hughes Rig Count report 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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