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-7.59054435045629E-05 -0.000325309043591424 -0.00108436347863798 -0.00130123617436554 -0.000704836261114701 -0.000325309043591424 0.000271090869659572 0.00281934504445896
Stock impact report

LA's $1.2 Billion Graffiti Towers Put on Sale After Bankruptcy [BNN Bloomberg (Canada)]

CoStar Group, Inc. (CSGP) 
Last costar group, inc. earnings: 4/28 04:02 pm Check Earnings Report
US:NASDAQ Investor Relations: costargroup.com/investors/stock-info
Company Research Source: BNN Bloomberg
The site, called Oceanwide Plaza, became famous this year when graffiti artists covered the 49-floor-tall structures. Now, the property is going on the market, with lenders and other creditors needing about $400 million to recoup their money. The brokerage Colliers and advisory firm Hilco Real Estate have been hired to market and handle a sale of the property, subject to bankruptcy court approval, according to a statement. “We are determined to run a disciplined and orderly process to identify the right developer to finish the project in time for the 2028 Summer Olympics,” said Mark Tarczynski, an executive vice president at Colliers. The project got off the ground in 2014 as Chinese investors were in the midst of a US buying spree, scooping up properties from trophy hotels to Hollywood studios. By 2018, that boom went bust when Beijing tightened capital policies and cut off financing for international ventures. China's domestic property market bubble later burst as developers Show less Read more
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