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.
The property industry is grappling with a pullback from investors, financing challenges and even more layoffs.
MBS made up 45% of TCW's Metropolitan West Total Return Bond Fund's $64 billion portfolio -- its biggest holding -- as of Sept. 30.
Banks are privately gauging buyer appetites for office loans in cities where demand has dropped off.
Rising interest rates threaten to drag down property values and make cheap debt harder to come by.
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