Here's what we are reading this morning:
Starwood Defaults on $212.5 Million Atlanta Office Mortgage - Bloomberg: Loan on Tower Place 100, in Buckhead area, matured this month; Atlanta’s vacancy rate hit 22.4% in June, above the US average
Staples in focus as return-to-office stagnates, market mulls threat of financial maneuvers: Staples' recent 1Q23 earnings performance has thrust the retailer into the spotlight as early post-COVID hopes of a full return-to-office dissipate and questions on how sponsor Sycamore Partners could address the issuer’s maturity wall come front and center, according to three sources familiar with the matter.
Sur La Table expands national footprint, private label offering | Retail Dive: Three years after surviving a pandemic-era bankruptcy, the culinary experiential retailer is back in growth mode on multiple fronts.
Prime Trust receivership is approved by Nevada judge | The Block: A Nevada district court judge approved an petition to place embattled crypto custodian Prime Trust into a state regulator’s receivership, according to a recent court filing.
Opioid Victims Object to Supreme Court Review of Purdue Pharma’s $6 Billion Settlement - WSJ: The federal government has taken issue with the settlement because it would shield members of the billionaire Sackler family from opioid-related lawsuits.
Troubled Crypto Firm Prime Trust Put Into Receivership Per Nevada's Request - Bloomberg: The Eighth Judicial District Court of Nevada has ordered Prime Trust LLC into receivership amid allegations the custodian used customer funds to buy cryptocurrencies after losing access to digital wallets containing tens of millions of dollars in assets.
Manhattan office real estate market continues to plunge - New York Business Journal: Real estate companies point to the usual suspect, remote work, and its rise during the Covid-19 pandemic as a driving factor in the sharp decline in signings
Billions in Corporate Debt: Wave of Bankruptcies Threatens Global Economy - Bloomberg: Fears of a credit crisis have receded. But a wave of corporate bankruptcies is building now that an era of easy money has come to an end
Crowdfunded Real Estate Deals Unravel as Funds Vanish: Hundreds of regular investors who together put up $63 million to buy pieces of Atlanta and Miami commercial real estate have allegedly seen their funds disappear
CrowdStreet Responds after Nightingale Funds Fiasco: The crowdfunding platform's safety measures are being questioned after it did not hold investors money in escrow