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Stock impact report

The office market is so bleak that Canada's largest pension fund sold its stake in an NYC building for $1 [Business Insider]

Boston Properties, Inc. (BXP) 
Last boston properties, inc. earnings: 4/28 04:49 pm Check Earnings Report
US:NYSE Investor Relations: ir.bostonproperties.com
Office buildings have suffered from the pandemic's work-from-home boom. The Canada Pension Plan Investment Board, the biggest pension in Canada, has completed a string of recent deals at discounted prices, including a sale of its stake in a New York building for $1, Bloomberg reported Tuesday. Commercial real estate concerns have escalated thanks to the pandemic's work-from-home boom and high interest rates in the wake of the Federal Reserve's inflation fight, and the gravest fears center on what some described as the office apocalypse. Office vacancies hit an all-time high in January and remote work looks like it's here to stay, darkening the outlook for investors in the space. The Canada Pension Plan Investment Board did not immediately respond to Business Insider's request for comment. At the end of 2023, the group offloaded its 29% stake in 360 Park Avenue South for a buck, selling to one of its partners, Boston Properties, who also took on the pension's share of debt o Show less Read more
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