It's the latest blow to a city reeling from the high-profile exit of Ken Griffin's Citadel.
The real estate industry has come under pressure as investors seek to reduce their exposure.
With at least $92 billion of office mortgages maturing this year, landlords are under increasing pressure.
Higher rates have ramped up the pressure on commercial landlords, causing loan extensions to become costlier.
Office vacancies have increased across the country since the pandemic made working remotely more routine.
The biggest losers last year were San Jose, Calif., where prices fell 7.5%, and Manhattan, with a 7.2% drop.
The firm's crown jewel continues to wrestle with investors seeking to get money out.
outflows are ratcheting up the pressure on institutional fund managers as higher interest rates batter the commercial real estate market.
Minerd, a leading fixed-income strategist, died at his California home after suffering a heart attack.
The $68 billion Blackstone Real Estate Income Trust has been grappling with investors pulling money.
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