The $360 million mortgage for Goldman Sachs’ former headquarters at 85 Broad St. is a “loan of concern,” Fitch Ratings said.Goldman developed the 1.1 million-square-foot building in 1983 to house its entire workforce of 1,500 before moving out in 2010 for new headquarters on West Street. Only two years after development, the firm sold the tower for $310 million to MetLife, which in 2014 sold a piece to Beacon Capital Partners and the co-owners upgraded the 30-story building described as an “ungainly bulk” by the "AIA Guide to New York City."The owners spent $36 million on renovations, which paid off when WeWork agreed in 2015 to lease 300,000 square feet, or approximately eight floors, through 2033. The up-and-coming office coworking firm paid $46 a square foot, which was 17% below market rate. Others moved in, including Nielsen Holdings and Vox Media, owner of New York magazine and The Verge. In 2017, 85 Broad was acquired for $650 million by Ivanhoé Cambridge, a subsidiary of Canadian pension fund Caisse de dépôt et placement du Québec.85 Broad was 20% vacant at the end of last year, better than some Financial District buildings but a big change from its prepandemic 6%. Fitch said in a report last month that mortgage investors face a 12% loss, or $43 million over the entire loan. “The loan was flagged as a loan concern due to exposure to WeWork,” Fitch said.Around the time WeWork emerged from bankruptcy this spring it had moved out of 120,000 square feet, or three... Continue reading at 'Crains New York'
[ Crains New York | 2024-07-11 17:49:07 UTC ]
Add AOL to the list of publishers that have gone from selling ads to making ads.AOL has created an internal division called Partner Studio that is charged with creating content for advertisers. Both the name and type of work may sound familiar. AOL-owned Huffington Post has its own in-house... Continue reading at Advertising Age
[ Advertising Age | 2015-06-16 00:00:00 UTC ]
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Tech news blog Re/code has been acquired by online publishing company Vox Media, just 18 months after spinning off from its former parent, The Wall Street Journal. Continue reading at Stuff
[ Stuff | 2015-05-27 00:00:00 UTC ]
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On Thursday YouTube celebrated the 10th anniversary of the first video being uploaded to what would become the preeminent online video service. And Facebook crashed the party.Facebook announced on Thursday a branded-video program called Anthology that will have publishers and digital video... Continue reading at Advertising Age
[ Advertising Age | 2015-04-23 00:00:00 UTC ]
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Now that Facebook has video ads, how is it going to make sure you hang around to watch more of them? According to a report on The Information, the social network is in talks with publishers like Vice, The Onion and Vox Media to make short-term videos... Continue reading at Engadget
[ Engadget | 2015-03-25 00:00:00 UTC ]
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As part of Digiday's Publishing Summit Europe, held in February in Monaco, Taboola hosted a town hall for publishers. At once excited and nervous about the industry's digital-first future, several dozen industry veterans weighed in on the challenges they face. Chief among them? How to manage... Continue reading at Digiday
[ Digiday | 2015-02-26 00:00:00 UTC ]
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The 67-year-old Golf World magazine is closing its print edition and shifting entirely to digital media, where it will be part of the Golf Digest website, the magazine said Wednesday. A spokeswoman for the magazine said nearly 10 employees were laid off as a result of the move, which combines... Continue reading at Advertising Age
[ Advertising Age | 2014-07-23 00:00:00 UTC ]
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What American Booksellers Association CEO Oren Teicher called Amazon's "bullying assault of a major publisher" was a key concern among indie booksellers at both Thursday afternoon's ABA Town Hall and Annual Meeting. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-05-30 00:00:00 UTC ]
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Text-based Web publishers like Business Insider and Vox Media are trying their hands at video. But some are doing a better job of it than others. The post Digital publishers chase video with mixed results appeared first on Digiday. Continue reading at Digiday
[ Digiday | 2014-03-07 00:00:00 UTC ]
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Time Inc.'s All You is broadening its distribution, moving beyond the exclusive newsstand deal it had with retail giant, Walmart. The April issue of the smart-shopping magazine will be available at major retailers across the country, including Target, CVS, Walgreens and Barn Continue reading at Folio Magazine
[ Folio Magazine | 2014-02-25 00:00:00 UTC ]
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Digital media is thriving. Online advertising is growing faster than any other medium. The Web is hot. Except for the fact that the Web has had all sorts of growing pains. And major business challenges. And it changes constantly, sometimes quite radically. It's certainly never boring, and... Continue reading at AdWeek
[ AdWeek | 2013-12-24 00:00:00 UTC ]
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SheKnows.com, a women's lifestyle site, has been acquired by Great Hill Partners, a private equity firm specializing in high-growth companies. Formerly under the umbrella of Evolve Media Corp., SheKnows.com was a hallmark property of the brand, responsible for over 41 million unique visitors... Continue reading at AdWeek
[ AdWeek | 2012-12-18 00:00:00 UTC ]
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Pearson has acquired education company EmbanetCompass for $650 million in cash. EmbanetCompass... Continue reading at The Bookseller
[ The Bookseller | 2012-10-17 00:00:00 UTC ]
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Glam Media built a big collection of online blogs aimed at women on the premise that by serving up high-quality content, it could appeal to brand advertisers who have shunned lower cost ad networks. The company appears to have had the right idea; launched in 2005, it now claims some 2,500... Continue reading at AdWeek
[ AdWeek | 2011-07-14 00:00:00 UTC ]
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