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Also, Meadow Partners is dropping a $62.5 preferred equity investment on the property.
Occupancy and demand improved but could contract at the end of the year.
A law firm occupying 30% of the property moved out last year.
It paid for a total of $103.3 million for the properties,
Three Manhattan areas are standing out to these retailers.
However, one new concept appears to be working in the industry.
Some rent growth is expected but supply can cause some challenges in 2025.
The portfolio covers 709 homes and a total of 1.4 million square feet.
This marks the firm's seventh multi-project development fund.
The move allows the company to prepare the building for a new wave of tenants.