latest on Shorenstein?
Noticed they just picked up a stabilized deal in SoHo from Tishman Speyer. What's the latest on them?
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Over the summer Shorenstein bought a deal in Nashville that was ~60% anchored by TikTok. Top floors too. A few weeks later, TikTok shut down its entire Nashville office. We looked at the deal and passed because we couldn't get comfortable with the uncertainty around TikTok, especially after the recent restructuring of its US business. Pretty massive diligence miss for them. 150,000 SF is a very hard block to backfill in Nashville, especially since two of the obvious large users, Amazon and Oracle, already have major dedicated footprints, with Oracle building out its own East Bank campus.
word is that several of their funds are sitting at negative IRRs
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