$1B Loan Sale
Commercial Observer
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A Blackstone affiliate paid all cash for a $1 billion senior mortgage debt portfolio, the largest loans of which are secured by office buildings in Washington, D.C., and Cambridge, Mass. Also for today: Three big banks call certain employees back to the office five days a week.
— Tom Acitelli, Deputy Editor
Blackstone Nabs $1B Loan Portfolio From Deutsche Pfandbriefbank
Blackstone Real Estate Debt Strategies (BREDS) has acquired a $1 billion performing senior mortgage loan portfolio from Deutsche Pfandbriefbank (PBB), the company announced Tuesday. The all-cash transaction for an undisclosed amount with the German lender involves what Blackstone described as loans “backed by cash-flowing, well-located assets with experienced borrowers." The portfolio's largest loans are secured by office buildings at 1700 Pennsylvania Avenue in Washington, D.C., and 325 Main Street in the Kendall Square neighborhood of Cambridge, Mass. Details on the geographic markets and property sectors in the portfolio were not immediately available.
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Three Big Banks Call Some Workers Back to the Office Full Time
Banks aren’t just getting employees to the office but are keeping them there, according to new return-to-office requirements. Three banks — specifically, Citigroup, HSBC and London-based Barclays — announced Thursday that they would require select employees to work in-person for five days a week, Bloomberg first reported. The decision follows plans from The Financial Industry Regulatory Authority (FINRA) to reinstate requirements that track and monitor workplace locations. FINRA’s rules will go into effect at the end of May. In response to the bank announcements, FINRA clarified in a statement that it isn’t requiring bankers to return to the office full time. Rather, it is implementing pre-pandemic requirements, as announced in January.
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