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Tuesday, 07 August 2018

WeWork Leases Space in 30 Properties Backing CMBS Loans

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Commercial Real Estate Direct Staff Report

WeWork Cos., an eight-year-old company that specializes in renting office space to entrepreneurs and startups, leases space at 30 properties that back CMBS mortgages with a combined balance of $3.1 billion, according to Kroll Bond Rating Agency.

The co-working company’s biggest concentration is in Manhattan, at least where CMBS is concerned. It leases 1.5 million square feet, or 25.7 percent of the 5.7 million sf at 13 buildings that secure $1.9 billion of loans that are scattered among 22 CMBS deals. In total, WeWork leases 4.1 million sf in Manhattan, according to CBRE, which Kroll cited. As such, CMBS has an exposure to nearly 37 percent of the company's Manhattan space.

While Kroll isn’t sour on WeWork’s prospects, it noted that tenants at spaces that it leases tend to sign relatively short-term agreements. And those generally can be terminated quickly.

It also cited the...


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Additional Info

  • Syndicate to Realpoint: No
  • Cities: New York City
  • States: New York
  • Sector: Office
  • Subject: CMBS - non-deal specific (CMBS-G)
  • Deal Name: CSAIL Commercial Mortgage Trust, 2017-C8, UBS Commercial Mortgage Securitization Corp., 2017-C2, CSAIL Commercial Mortgage Trust, 2017-CX9
  • Private: Yes
  • bloombergDealName: CSAIL 2017-C8, UBSCM 2017-C2, CSAIL 2017-CX9
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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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