A large number of older offices will fail to lure back workers in the post-Covid era, making them less attractive to occupiers and spurring a wave of defaults, according to Daniel McNamara, founder of Polpo Capital Management.
American Dream’s owner Triple Five Group agreed to make the payments in lieu of real estate taxes to the borough of East Rutherford on land surrounding the mall in exchange for rights to build a hotel, minor league baseball stadium and offices.