The TreppWire Podcast: A Commercial Real Estate Show

In this week’s episode of the TreppWire Podcast, we explore the market forces shaping commercial real estate, with a focus on structure, control, and optionality in today’s investment landscape. We cover several major headlines, including a potential AvalonBay–Equity Residential combination, Starwood’s pause on redemptions at its S-REIT, and KKR’s launch of a $10 billion AI-driven data center fund led by former AWS CEO Adam Selipsky, unpacking what these moves reveal about strategy and capital allocation. We also break down how mall ownership really works, explaining why regional malls often involve multiple ownership layers across anchors, inline space, and common areas, with structures ranging from ground leases to owned boxes. We preview our latest Trepp CMBS delinquency report, which shows the overall rate ticking down 1 basis point to 7.54% in April. Tune in now.Episode notes: • Economic Update• Lending Environment & Market Themes• AvalonBay–Equity Residential• Starwood Pause on Redemptions• Private Real Estate Fund Investments• KKR's $10 Billion AI Infrastructure Fund• Mall Ownership 101• North Shore Mall Repositioning Strategy• Programming Notes• Shoutouts Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of the TreppWire Podcast, we unpack the latest macro uncertainties shaping markets, from the Federal Reserve’s rate outlook to the potential transition to a Warsh-led Fed. We also share a 101 on Trimmed Mean PCE, explaining how the metric works, why it matters, and why it is gaining attention as an alternative way to read underlying inflation trends. We also examine mixed signals across commercial real estate (CRE), highlighting strength in data centers and AI-driven office leasing in San Francisco alongside cooling housing trends. The conversation digs into earnings and deal activity, including a strong quarter from CBRE driven by infrastructure momentum. We highlight cautious return to lending from mortgage REITs and improving credit trends among regional banks from recent Trepp research. Finally, we discuss major transactions like Ken Griffin expanding office footprint at planned Miami headquarters, Supermicro’s large San Jose lease, and Oracle’s Michigan data center project. Tune in now.Episode notes: Economic Update (0:29)Market Outlook, Data Centers & AI (2:09)Housing Market & Oil Prices (9:28)FOMC Meeting and Rate Decisions (26:45)Trimmed Mean PCE Inflation 101 (32:42)CBRE Earnings and Growth Performance (39:44) Mortgage REITs & Regional Bank Earnings Review (43:07)AI-Driven Leasing in San Francisco & NYC (50:04)Ken Griffin Expanding Office Footprint (54:15)Oracle Data Center Project in Michigan (57:58)Programming Notes (1:00:42)Shoutouts (1:02:29)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we sit down with Chad Lavender, President of Capital Markets for North America at Newmark, to unpack how credit, liquidity, and pricing have recalibrated through the 2025 maturity wave and what that signals for 2026. With more than $50 billion in investment sales, recapitalizations, debt placements, and JV equity transactions to his name, Chad brings a front-row view of the capital stack. He explains why this cycle differs fundamentally from the GFC, thanks to deep debt liquidity, why senior housing is outperforming every asset class with his team alone closing over $12.5 billion this year, and how operational alpha is separating winners from losers. We also cover the resurgence of Class A office, the rise of active adult and medical office, GP-led recaps and continuation funds, and why Dallas remains one of the most investable CRE markets in the country. Tune in nowEpisode notes:Chad's Background & Path to Newmark (1:17)How Today's Cycle Differs from the GFC: The Role of Debt Liquidity (6:50)Deal Flow in 2026: Problem-Solving Deals, GP-Led Recaps & Continuation Funds (9:32) What Separates Great Operators in Today's Market (13:20)Why Senior Housing Is Outperforming Every Asset Class (16:25)Class B/C Buyer Pools & Class A Office Resurgence (23:39)Dallas CRE Momentum (27:16)How Newmark Uses Data & Technology to Advise Clients (30:57) Underwriting Priorities & Closing Thoughts (32:28)Questions or comments? Contact us at [email protected].      Follow Trepp:   X: www.x.com/TreppWire  LinkedIn: www.linkedin.com/company/trepp 

In this week's episode of The TreppWire Podcast, we examine the selective stabilization theme shaping CRE in 2026, with strong retail sales and pending home sales pointing to forward motion even as affordability still caps housing. We break down Blue Owl's $2.4 billion acquisition of Sila Realty Trust, dig into multifamily supply dynamics as the top 25 developers command a record share of starts, and cover New York City's $4 billion pension commitment to affordable housing. We walk through Trepp's latest CRE debt universe analysis, showing banks finally showing early signs of credit expansion. We then dedicate a deep dive to data centers, covering operational resilience, the emerging power stack, Meta's $1 billion Tulsa AI facility, Maine's new construction ban, and Google-linked data centers' record $5.7 billion junk bond. Tune in now.Episode NotesEconomic Update: Retail Sales & Pending Home Sales (1:55)Blue Owl's $2.4B Sila Realty Acquisition (6:10)Multifamily Supply & the NMHC Top 25 Developer Shake-Up (12:43)NYC Pension Fund's $4 Billion Affordable Housing Bet (17:34)CRE Debt Universe Update: Credit Growth & Banks Re-Entering (20:54)Data Center 101: Operational Resilience Tiers & the Power Stack (25:41)Meta's $1 Billion AI Data Center in Tulsa, Oklahoma (35:25)Maine Bans Large Data Center Construction (40:14)Google-Linked Data Centers' Record $5.7 Billion Junk Bond (45:26)Multifamily Deals: San Francisco, New Jersey, & St. Petersburg Foreclosure (46:53)Programming Notes & Shoutouts (50:26)Questions or comments? Contact us at [email protected].    Follow Trepp:  X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp  

In this special guest episode of The TreppWire Podcast, we’re joined by Justin Kennedy, Co-Founder and Managing Partner of 3650 Capital, to discuss the state of commercial real estate (CRE) through the lens of nearly three decades of experience. Justin outlines how 3650 Capital operates across stable cash flow lending, real estate credit solutions, and special situations. We dive into significant market dispersion in the market and why micro-market fundamentals and property utility matter more than ever, as performance increasingly diverges across similar assets within geographic proximity. Justin explains how technology-driven shifts in retail and office demand represent secular change, why investors must focus on forward-looking utility over historical metrics, and how AI is beginning to influence real estate analysis. Tune in now.Episode Notes• Background in CRE & CMBS• 3650 Investment Strategy & Three Vehicle s• Real Estate Market Dispersion• Market Evolution: CRE Today• Technology Impact on CRE• AI's Role in Real Estate Workflows• Closing Thoughts & AdviceQuestions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we cover persistent inflation pressures tied to energy costs, improving liquidity in commercial real estate (CRE) financing and private credit markets, and key takeaways from bank earnings, where large banks continue to pull back from CRE lending while regional banks increase exposure. We also discuss the planned July 2026 launch of the Texas Stock Exchange and its implications for Dallas–Fort Worth as a financial hub. In a 101 segment, we break down 1031 exchanges and examine how eliminating the tax benefit could impact transaction volumes. On the CRE front, we cover Blackstone’s planned $2 billion IPO of its data center REIT (BXDC), the 575 Fifth Avenue acquisition by Sovereign Partners and Hudson Point Capital, WeWork’s new product. We also share several trading alerts from Trepp data. Tune in now.Episode notes: Economic Update (0:29)Market Liquidity & Mortgage Trends: Blue Owl Capital's Bonds (11:36)Banks Earnings & Trading Challenges (18:02)Texas Stock Exchange & Dallas Discussion (33:10)1031 Exchanges 101 (40:22)Blackstone Data Center REIT IPO (51:56) Trading Alert: Aon Center Loan (54:56)575 Fifth Avenue Acquisition (59:25) Trading Alert: South Plains Mall Loan (1:01:20) WeWork Go (1:06:50)Programming Notes (1:10:55)Shoutouts (1:13:00)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we sit down with Mike McDonald, Senior Managing Director of JLL Capital Markets, Americas, to unpack the current reality and outlook of the U.S. office real estate market. Mike shares his career journey, from managing boutique firms to co-leading JLL’s national office investment platform, and offers a 25-year perspective on how office real estate has evolved, particularly in the wake of COVID-19. He explains why traditional Class A and Class B labels no longer tell the full story and how JLL’s new tiering system better evaluates office assets based on quality, location, and vintage. Despite the challenges facing the sector, Mike remains bullish on office investment, and he walks through his three core investment strategies. We also highlight opportunity-rich markets such as Dallas and Austin and discuss AI’s impact on the sector. Tune in now.Episode NotesBackground & Start in the Industry (1:18)Office Sector Evolution (3:08)Three Strategies for Investing in the Office Sector (14:36)Market Trends & Cycles: 2023 to Today (23:28)Opportunities in Dallas and Austin (26:54)AI's impact on the Office Sector (36:47)Betting on Office (40:54)Closing Thoughts (45:27)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this episode of The TreppWire Podcast, we unpack the market reaction to the US-Iran ceasefire and examine whether the energy shock has already left its mark on upcoming inflation data. We analyze Jamie Dimon's annual shareholder letter and its warnings on geopolitics, AI, and banking regulations. We share highlights from our Trepp banking webinar on CRE lending trends and private credit dynamics, then dive into our Q1 2026 CMBS issuance data, including a 76% surge in CRE CLO volume and rising office concentration in conduit deals. We also walk through a CMBS appraisal reduction trigger 101, cover Empire State Realty Trust's sale of a Midtown Manhattan office building, the biggest LA office lease of 2026 tied to the 2028 Summer Olympics, and Bed Bath & Beyond's recent acquisitions. Tune in now.Episode notes: Economic Update: Iran Ceasefire, Oil Shock & Inflation Outlook (2:12)Petrodollar System & De-dollarization Risk (7:46)Jamie Dimon's Shareholder Letter: Geopolitics, AI & Bank Regulations (10:51)Bank CRE Lending Trends & Private Credit Dynamics (15:52)Q1 2026 CMBS Issuance: Records, CRE CLO Surge & Office Comeback (23:52)Appraisal Reduction 101: CMBS Triggers Explained (30:50)Office: Empire State Realty Trust Sells Midtown Building to Namdar (36:26)Office: On Location Signs Biggest LA Office Lease of 2026 for 2028 Olympics (39:39)Retail: Bed Bath & Beyond Acquires Lumber Liquidators' Parent Company (41:58)Programming Notes (45:55)Shoutouts (47:43)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

This week, the data is sending mixed signals about the state of the economy. In this episode of The TreppWire Podcast, we break down February retail sales coming in stronger than expected, suggesting the consumer was still holding up earlier in the year, even as more recent data points to some softening beneath the surface and rates remain volatile. We also take a step back to examine long-term cycles, using the Artemis II mission as a lens to compare today’s economy and built environment to 1972, the last time humans orbited the moon. In commercial real estate (CRE), we dive into what happens as loans reach maturity, tracking a cohort over time to understand how many pay off, refinance, extend, or fall into distress. We also cover the latest CMBS delinquency data, along with notable headlines including a record-breaking $327.50 per square foot office lease in NYC, BGO’s $350 million acquisition of Bell Partners, and CVS’s plans to open more stores than it closes in 2026.Episode notes: Economic Update: Retail Sales & Consumer Trends (0:28)Artemis II Mission: Economic Indicators Since 1972 Analysis (13:32)Loan Performance Data Analysis: Q1 2020 to Q1 2026 (24:56) Trepp’s March 2026 CMBS Delinquency Report (30:43)Office: Record-setting Office Lease in NYC & GSA (31:43)BGO’s Acquisition of Bell Partners (38:18)CVS's Expansion Plans in 2026 (42:08)Programming Notes (49:00)Shoutouts (50:30)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWireLinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we break down a market defined by volatility and an “escalate‑to‑de‑escalate” dynamic playing out in real time. We unpack the sharp intraday reversals in rates as weak Treasury demand and inflation concerns push yields higher, only to be pulled back by intermittent hopes for de‑escalation. We also examine new Federal Reserve proposals aimed at reducing bank capital requirements for commercial real estate (CRE) loans, a potential catalyst for increased lending capacity at a critical point in the cycle. We also cover key CRE headlines, including a $166.8 million data center land sale in Virginia, notable office financings at One Madison Avenue and San Francisco’s Merchants Exchange, and Nordstrom’s upcoming store closure at Galleria Dallas. Tune in now.Episode notes: Economic Update: Market Volatility & Banking (0:29)CMBS Spreads Performance in the Past Month (12:59)Commercial Real Estate Fundraising (16:37) Bank Capital Requirements Framework Update (24:02)Starwood’s Data Center Land Deal in Virginia (33:42)Office: SL Green's $1.65 billion refinancing of One Madison Avenue and Exonic's $50 million loan against the Merchants Exchange building in San Francisco (38:39)Mixed Use: JP Morgan & Vici Lend $4.3B for One Beverly Hills Completion (41:51)Nordstrom Store Closing at Galleria Dallas (43:39)Programming Notes (49:37)Shoutouts (50:48) Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we examine the Fed's decision to hold rates steady against a rapidly escalating geopolitical energy shock that is re-accelerating inflation and effectively taking rate relief off the table for CRE borrowers. We also look back six years to when COVID shocked the world and walk through Trepp data to review how each property sector held up, recovered, and in some cases still has not fully healed. We analyze the $5.6 billion Public Storage acquisition of National Storage Affiliates and what CMBS data reveals about self-storage performance. We close with office green shoots, including Bank of America's 20-year lease at One Bryant Park, OpenAI surpassing 1 million square feet in San Francisco, a Wells Fargo SASB financing in Silicon Valley, and Starbucks expanding to Nashville. Tune in now.Episode notes: • Economic Update: Fed Holds, Iran Energy Shock & Higher-for-Longer (2:08)• Six years post-COVID: CRE Delinquency Retrospective by Property Type (12:48)• COVID Lessons: Modifications, Policy Response & Structural Shift (16:22)• Self-Storage: Public Storage & NSA Deal, and CMBS Performance (34:11)• Office Stories: BofA at One Bryant Park, OpenAI, Wells Fargo SASB & Starbucks Nashville (41:09)• Trading Alerts: Manhattan, Chicago, Virginia & Office Special Servicing Transfers (47:56)• Programming Notes (48:50)• Shoutouts (52:29)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we break down how the spike in oil is affecting the broader economy and discuss how the energy shock is adding new uncertainty to inflation, Fed policy, and market sentiment. We also analyze the state of the student housing market as March Madness approaches and examine proposed housing legislation that could reshape the single-family rental landscape. In commercial real estate (CRE) news, we cover a major industry consolidation as Savills is reportedly set to acquire Eastdil Secured in a deal valued at $1.2 billion. We highlight insights from Trepp’s latest CMBS Special Servicing Report, review recent trends in the Trepp Property Price Index (TPPI), and discuss several significant headlines and transactions from the week, including Manhattan office tower valuations falling below their COVID-era lows. Tune in now.Episode notes: Economic Update: Market Volatility & Oil Impact (0:29)Student Housing Market Analysis (12:04) Single-Family Rental Property Bill (18:45)Savills Acquisition of Eastdil (24:50)CMBS Special Servicing Report & TPPI (28:02)Manhattan Office Tower Values Plummeting Below COVID-Era Levels (30:22)Multifamily Transactions: Philadelphia & Phoenix (33:44)Fort Worth Texas Industrial Complex (41:02)Programming Notes (42:05)Shoutouts (44:13)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we examine rising Middle East tensions following US-Israeli strikes on Iran, including Iranian drone damage to Amazon data centers in the Gulf, and the ripple effects on oil prices and the 10-year Treasury. We cover the reversal of the 10-year Treasury back above 4%, rising oil prices, and record redemption requests at Blackstone's private credit fund. We review Trepp's February CMBS delinquency data, take a deep dive into the surging CRE CLO market, and break down $7.6 billion in SASB AAA downgrades. We close with a trading alert on the Minneapolis City Center loan and Target's surprise lease buyout. Tune in now.Episode notes: • Economic Update: Labor Data, Middle East Conflict & Ides of March Superstition (1:14)• Iranian Drone Strikes on Amazon Middle East Facilities (15:35)• Treasury Yields & Oil: Market Reaction to Gulf Conflict (18:55)• Blackstone Private Credit Fund: Record Redemptions & Liquidity Response (22:05)• CMBS Delinquency Report: Rate Declined, Led by Large Office & Retail Loan Extensions (26:19)• CRE CLO Market: Record 2026 Issuance Pace (33:21)• SASB Ratings Migrations & SF Office Losses (40:33)• Programming Notes (53:26)• Shoutouts (56:02)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we explore whether current market conditions reflect resilience or the early stages of repricing. We break down mixed inflation signals, the Supreme Court’s tariff ruling, and what policy uncertainty means for rates and risk appetite. We dig into private credit volatility and rising selectivity, CMBS issuance sentiment coming out of the SFVegas conference, cash-in refinancings, and new examples of office repricing from Chicago to San Francisco. We also cover fresh Trepp trading alerts and what servicer data is signaling across property types. Tune in now.Episode notes: Economic Update (1:51)TJ Maxx/Loews (14:24)SFVegas 2026 Inights (19:54)Chicago West Jackson Property (29:28) Amex Global HQ 2 WTC (32:07)Shvo Transamerica Pyramid Up for Sale (34:15)JP Morgan, Zenith Secure $130M Refi From KeyBank for IOS (37:44)NYC Multifamily Value Reduced Heavily, Expected to Exit Special Servicing (39:55)Programming Notes: LifeComps Report & More (42:28)Shoutouts (45:39)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we highlight softer‑than‑expected inflation, market takeaways from the Fed minutes, and key data releases on deck in a shortened week. We talk about key developments in affordable housing cand multifamily markets, followed by a look at data center growth and why Texas could be emerging as the next major hub. In a “digging through the data” segment, we do a deep dive into industrial performance across the top MSAs by occupancy, delinquency and average revenue per square foot. We break down office trading alerts for a Queens office and Chicago SASB loan, along with retail trading alerts involving loans from Saks Fifth Avenue and Paramus Park. We also discuss Palisade Center’s post‑foreclosure sale and wrap with Wendy’s plans to close 300 stores and the implications for retail and franchise operators. Tune in now.Episode notes: Economic Update (1:44)Affordable Housing Construction Progress (13:18)Data Center Market Growth: JLL Report (20:31)Industrial Deep Dive: Top MSAs by Occupancy, Delinquency & Average Revenue per Sq Ft (29:39)Industrial Headlines of the Week (35:35)Office Trading Alerts: Queens Loan & Chicago SASB Loan (37:55) Retail Trading Alerts: Saks Fifth Avenue & Paramus Park Loans (45:15)Palisade Center Sells After Foreclosure (48:07) Wendy’s Closing 300 Stores (49:32)Programming Notes (52:01)Shoutouts (54:37)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we sit down with Larry Connor, Founder and Managing Partner of The Connor Group, one of the largest privately held multifamily investment firms in the U.S. Larry shares how he went from a failed business venture to building a multi-billion-dollar multifamily platform grounded in operational discipline. He explains why operations, not renovations, drive the greatest value creation, how his team uses real-time data and AI to measure resident satisfaction, and why the 2020- 2022 liquidity era created a market that couldn’t last. Beyond real estate, Larry reflects on serving as pilot on Axiom Mission 1 to the International Space Station and participating in other demanding expeditions, outlining the philosophy of disciplined risk, preparation, and purpose that guides both his missions and his investment strategy. He closes with advice for builders and operators alike: aim high and don’t self-limit. Tune in now.Episode NotesBackground & Start in Real Estate (1:10)Parallels Between AI & Introduction of Computers (4:09) Tenant Satisfaction & Property Value (4:39)Real Estate Market Predictions (12:43)The Connor Group Investment Strategy (17:14)Adventures and Philanthropy (24:12) Questions or comments?Contact us at [email protected].    Follow Trepp:  X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp  

In this week’s episode of The TreppWire Podcast, we break down the growing disconnect between headline strength and underlying softness in the economy. Retail sales came in flat, jobs surprised to the upside, and sweeping BLS revisions quietly erased nearly 900,000 jobs from 2025 totals, leaving markets to reconcile conflicting signals. In commercial real estate, a wave of store closures from legacy brands like Eddie Bauer, Pizza Hut, Red Lobster, and Saks made headlines, but we explain why this looks more like retail rationalization than another apocalypse. In multifamily, we analyze Camden’s decision to exit California, the rent-setting software antitrust settlement, Los Angeles’ new adaptive reuse ordinance, and recent transactions in Quincy, Wilmington, and Charlotte. On the lodging side, we cover a $372 million Nashville hotel construction loan, Gencom’s acquisition of the Ritz-Carlton Central Park, and the Waldorf Astoria returning to the market after a $4 billion-plus renovation. We close with a preview of Trepp’s upcoming CMBS maturity playbook. Tune in now.Episode notes: Economic Update: Retail Sales, Jobs Report & BLS Revisions (1:52)Retail Store Closures (8:22)Multifamily Deep Dive: Camden's California Exit, Rent Control, Antitrust Settlement & Adaptive Reuse (19:38)Multifamily Transactions: Quincy, MA; Wilmington, DE; Charlotte, NC (35:44)Lodging: Nashville Construction Loan, Ritz-Carlton Acquisition & Waldorf Astoria Sale (38:37)Programming Notes (46:08)Shoutouts (53:31)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

Right after we recorded last week, President Trump nominated Kevin Warsh to succeed Jerome Powell. In this week’s episode of The TreppWire Podcast, we examine what that move could signal for the future path of interest rates and how markets are reacting. A brief government shutdown also delayed key economic data releases, leaving investors with limited visibility into growth and labor conditions. We also sit down with Ryan Sievers, Tax Partner at EisnerAmper, to unpack the One Big Beautiful Bill and its key implications for CRE, including bonus depreciation, Qualified Opportunity Zones, and what didn't make the cut. On the banking side, the latest Senior Loan Officer Opinion Survey shows lending standards remain tight for office and construction—a trend we tie into findings from Trepp’s own lending survey—along with a look at Santander’s $12B acquisition of Webster Financial. Turning to commercial real estate, we unpack the January jump in the Trepp CMBS office delinquency rate, largely driven by two sizable loans, and close with key headlines from the week, including Brookfield’s $1.2B acquisition of Peakstone Realty Trust and Oracle’s plan to raise $45-$50B this year to expand its data center footprint. Tune in now.Episode notes: Economic Update: Fed Chair Nomination & Government ShutdownOne Big Beautiful Bill Deep Dive with Ryan Sievers, Tax Partner at EisnerAmper (15:12)January SLOOS & Trepp-i Data (23:07)Santander to Acquire Webster Financial (30:18)First Bank Failure of 2026: Metropolitan Capital Bank & Trust (33:10)Miami Office Tower Trying to Evict Banco Master (36:11)Trepp January CMBS Delinquency Report (37:58)Brookfield Acquisition of Peakstone Realty Trust (42:13)Data Centers: Oracle to Raise $45B+ (45:56)Programming Notes (47:55)Shoutouts (49:45)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWireLinkedIn: www.linkedin.com/company/trepp

As much of the U.S. stays frozen, the Fed also kept rates on ice this week. In this week’s episode of The TreppWire Podcast, we break down the decision and what a shifting policy landscape could mean as Chair Powell’s term winds down. In multifamily, we share insights from the National Multifamily Housing Council conference, including a closer look at disciplined JV equity underwriting and the bridge-to-bridge lending trend fueling CRE CLO issuance. We also apply the Gordon Growth Model to San Francisco’s 3,165-unit Park Merced complex to unpack valuation dynamics and cash flow trends. Plus, we cover the co-working market’s resurgence, the halt of the $16 billion Hudson Tunnel project, Amazon’s closure of Fresh and Go stores, Fat Brands’ Chapter 11 filing, and recent multifamily transactions, including NBA star Giannis expanding his CRE portfolio with a Chicago apartment purchase. Tune in now.Episode notes: • Economic Update (1:40)• Fed Holds Rates Steady (4:11)• Multifamily Insights & Cap Rates (9:00)• Bridge to Bridge Lending & CRE CLO Issuance (19:34)• Park Merced Case Study: Gordon Growth Model Valuation Analysis (21:25)• $16 Billion Hudson Tunnel Project Halted (28:17)• Co-Working Market Roars Back to Life (31:17)• Retail Closures: Amazon Fresh/Go & Fat Brands Bankruptcy (36:03)• Multifamily Transactions: Giannis' Chicago Buy & Arizona Deal (39:55)• Programming Notes (44:10)• Shoutouts (47:12)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we are joined by Richard (Rick) Schaupp, equity owner, Managing Director, and Head of Private Wealth Distribution at Clarion Partners. Rick shares his expert perspective on today’s commercial real estate (CRE) landscape and how Clarion is positioning itself across cycles. Rick provides insights into Clarion’s strategic focus on industrial and alternative assets, how the firm’s positioning helped it navigate the COVID-19 pandemic, and their approach to private credit and portfolio construction. We explore the evolving nature of industrial real estate, including the impact of Amazon's leasing practices and the potential challenges of long-term tenant commitments. We highlight data centers as an attractive asset class, as well as potential opportunities in senior housing and assisted living. Tune in now. Episode Notes• Background & Start in the Industry (1:14)• Industrial & Alternative Assets Focus (3:26)• Private Credit & Portfolio Construction (7:06)• Investment Strategy Four Themes (11:29)• COVID-19, Tariffs, and Amazon Impact on Industrial (17:46)• Data Center Demand (23:49)• Senior Housing & Assisted Living (28:04)• Opportunistic Approach & Outlook (32:16)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we break down a busy week of economic data as markets look ahead to the Fed’s next meeting and reset expectations for 2026 interest rates. We also cover policy headlines out of Davos that are adding uncertainty around taxes, credit, and regulation. In commercial real estate, we spotlight the growing divide between slowing construction activity and strong data center investment driven by AI demand. We explain why data centers continue to outperform, unpack the nuances behind multifamily distress, and review recent deals that reveal both optimism and trouble across the market. We close with Amazon’s plan for its largest physical retail store yet — a 230,000‑square‑foot big‑box location in the Chicago suburbs. Tune in now.Episode notes:Economic Update (0:29) Market Uncertainties (4:03) CRE Construction: Data Centers & More (15:29) Transition Between CRE & Infrastructure (24:26) Supply Wave on the Multifamily Market (32:37) Amazon's Giant Hybrid Retail Store (43:41) Programming Notes (49:19) Shoutouts (51:34) Questions or comments? Contact us at [email protected] Trepp:X: www.x.com/TreppWire  LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, markets are digesting a mix of macro headlines and early signals from commercial real estate (CRE) as 2026 gets underway. We kick things off with insights from the CRE Finance Council Conference in Miami, where discussions centered on improving liquidity, tighter spreads, and the uptick in CMBS issuance. From there, we turn to macroeconomic updates, including the DOJ subpoenaing the Fed, potential caps on credit card interest rates, and wholesale inflation trends. In property type stories, we cover GameStop closing stores nationwide and Saks filing for Chapter 11 bankruptcy. Plus, we break down two loans recently sent to special servicing: a large single-tenant triple net lease (NNN) office portfolio and a Los Angeles mall SASB loan. Tune in now. Episode notes: CREFC Miami Recap (2:47) Data Centers & AI (9:39) DOJ/Fed, Credit Card Cap, Inflation (18:38) NNN Office Portfolio Loan Sent to Special Servicing (30:52) GameStop & Saks (39:10) Los Angeles Mall SASB Loan Sent to Special Servicing (43:57) Programming Notes (45:46) Shoutouts (49:54) Questions or comments? Contact us at [email protected].      Follow Trepp:  X: www.x.com/TreppWire  LinkedIn: www.linkedin.com/company/trepp  

In this week’s episode of The TreppWire Podcast, we kick off 2026’s first full trading week with a look at the headlines shaping CRE, housing, and the broader economy. We discuss President Trump’s proposal to limit institutional purchases of single-family homes, the year-end drop in mortgage demand, Treasury Secretary Bessent’s comments on potential Fed rate cuts, and Mamdani’s bankruptcy sale policy in NYC. We then dive into advanced CRE fundamentals, exploring what stress looks like before a default and identifying early warning signs in loan-level data, while expressing optimism for a year of deal-making driven by improving rates and market conditions. Finally, we break down the first major transactions of 2026, including AT&T’s headquarters move to suburban Dallas, Google’s long-awaited Austin office opening, and the office-to-residential conversion at 5 Times Square. Tune in nowEpisode notes: Economic Update: Housing Market & Oil Impact (1:49)JOLTS, Jobless Claims & Uncertainty in CRE: Will 2026 Be the Year of Transactions? (14:48)What Does Stress Look Like Before a Default and How to Spot Early Warning Signs? (19:25)AT&T Moving HQ to Dallas Suburb (28:41)SL Green Selling Minority Interest in 100 Park Avenue (35:09)Chicago Investor Buying San Francisco Office Tower in Half-Off Sale (37:55)Google Finally Moving into Austin Office Tower (40:11)5 Times Square Office-to-Resi Conversion (43:44)NYC Mamdani Bankruptcy Building Sale (45:11)Programming Notes (50:00)Shoutouts (52:21)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we’re joined by Carmen Spinoso, Chairman and CEO of Spinoso Real Estate Group, one of the country's largest privately held enclosed mall operators. With more than 35 years of industry experience, Carmen shares how his firm approaches value creation across its portfolio, including high-profile projects like the management of Grand Central Terminal and Ovation Hollywood. We dive into the current state of the retail sector, why brick-and-mortar still captures 75-80% of all sales, and how Gen Z is driving traffic back to malls. Carmen walks us through case studies on repositioning vacant anchors and attracting experiential tenants, the importance of community-focused marketing and events, and why the 2026 outlook for enclosed malls is looking strong. Tune in now.Episode notes:Carmen's Journey: From Leasing Rep to CEO (2:16) Portfolio Update: Grand Central Terminal & Ovation Hollywood (13:00) Why Malls Are Still a Valuable Investment Class (17:00) Turning Around Underperforming Malls (26:12) Marketing, Events & Community Building (29:31) 2026 Outlook & Final Thoughts (36:15) Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In our final 2025 episode of The TreppWire Podcast, we look ahead to what 2026 may bring for commercial real estate (CRE), sharing initial calls for the year while reflecting on how economic conditions, interest rates, and tariffs shaped the past twelve months. We dive into CMBS-specific dynamics, including issuance, delinquencies, and maturities that set the stage for the new year. Our predictions tackle the big questions: Will CMBS hit the $100B issuance three-peat? Where is bank lending headed? And what’s next for the looming CMBS maturity wall? We review rising delinquency trends and forecast where the numbers might land, and also provide our insights on property pricing as the new year begins. We close with our New Year’s resolutions for the market. Tune in now.Episode notes: • CRE Calls for 2026 (1:16)• Market Inflection Point (6:18)• Economy, Interest Rates & Tariff Impacts (8:25)• Walmart & Amazon Discussion (14:17)• 2026 CMBS Issuance & Lending Volumes Predictions (18:54)• December 2025 CMBS Delinquency Report & 2026 Predictions (22:35)• Rolling CMBS Maturity Wall (26:33)• Property Prices (30:20)• New Year’s Resolutions for CRE (36:24)• Programming Notes & Shoutouts (41:44)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special holiday episode of The TreppWire Podcast, we take a step back to “unwrap” the biggest property-sector themes as the year winds down — and one word stands out: bifurcation. We dig into the major data and headlines from 2025 to uncover where performance is holding strong and where early signs of softness are emerging across sectors. We highlight the markets that surprised us most this year, including New York, San Francisco, and Chicago. In our year-end property-type check-in, we revisit the biggest headlines, deals, and storylines across commercial real estate — from office and multifamily to retail and beyond — and look at where unexpected momentum appeared. We wish all our listeners a joyful holiday season! Tune in now.Episode notes: • 2025 Themes that Stand Out (1:14)• Markets that Surprised Us: New York Office (11:48)• San Francisco (14:11)• Chicago (19:08)• Multifamily/Apartment Market (24:41)• Retail (35:55)• Lodging & Hotels (46:14)• Industrial (51:17)• Programming Notes & Shoutouts (58:36)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we talk about the market’s response to the Fed’s third straight 25-basis-point rate cut and what early indicators suggest for the economy. We analyze the November jobs report, which surprised with 64,000 payroll gains but also saw unemployment climb to 4.6%, the highest since September 2021. We cover how easing monetary policy could shape commercial real estate (CRE) financing, spreads, and deal flow as we head into 2026. In some CRE deep dives, we break down the ongoing debate around data centers and life sciences, the slowdown in New York’s life sciences sector, and why investors remain cautious on specialty properties. We also examine rent concessions and economic vacancy as new supply, and softer demand weigh on effective rents. The episode wraps with trading alerts from the week (including two in Hawaii). Tune in now.Episode notes: • Economic Update (0:28)• November Jobs Report (4:37)• 2026 Property Market Outlook (9:09)• Data Center Investment Challenges (14:04)• Real Estate Concessions (23:51)• Trading Alerts & Ground Lease Discussion (33:50)• Programming Notes: Trepp Connect (in NYC)! (43:37)• Shoutouts (47:06)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special episode of The TreppWire Podcast, we are joined by Michael Comparato, President of FBRT and Senior Managing Director and Head of Commercial Real Estate at Benefit Street Partners. Michael shares why he believes the commercial real estate market is still in the eye of the storm and why a V-shaped recovery is unlikely. He explains why underwriting the story matters more than the spreadsheet, how negative leverage has reshaped credit and equity decisions, and which risks the market has yet to fully price in. Michael also highlights where opportunities may emerge and what disciplined investors should focus on as the market enters its next phase. We discuss Benefit Street’s approach to navigating today’s cycle, as well as how the firm has built a flexible platform across debt, equity, CMBS, and agency lending following the NewPoint Holdings JV LLC acquisition. Tune in now.Episode NotesBackground & Start in Commercial Real Estate (1:14)Benefit Street's Real Estate Growth (4:25)Newpoint Acquisition Strategy (8:01)Extend & Pretend Modifications (12:57)Commercial Real Estate Market Challenges (17:01)Differences in Asset Classes (18:33)Where the Opportunities Are (29:33)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

This week, we recorded right after the Fed’s December decision to cut interest rates by 25 basis points. In this week’s episode of The TreppWire Podcast, we break down what the Fed’s communication could mean for rates, credit spreads, and CRE financing conditions in the months ahead. We also discuss the December SEP update, including three dissenting votes and revised growth projections for 2026. We dig into Netflix’s latest acquisition and what it could mean for Hollywood real estate as strategies continue to evolve. We close with office and multifamily transactions across Manhattan, Florida, and Seattle, including the off-market sale of the iconic Friends building in the West Village. Tune in now. Episode notes: Economic Update (1:34)Netflix Acquisition & Real Estate Impact (10:43)Office Transactions: NYC & Miami (22:12)Multifamily Sales in Florida & Seattle (31:54)Friends' Apartment Building Off-Market Sale (35:04)Programming Notes (37:30)Shoutouts (41:20)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we examine the state of the commercial real estate (CRE) market and how macroeconomic factors are shaping property sectors, from multifamily to single-family housing. We cover the FHFA’s new 2026 caps for Fannie and Freddie, inflation’s impact on consumer spending, and millennial living trends. We also highlight private-label CMBS issuance topping $120 billion in 2025, pointing to strong momentum for the first half of 2026.In property type stories, we share notable multifamily and retail transactions, highlighting how price differences are driven by location and asset quality. For office, we discuss Scholastic selling its NYC headquarters, Capstone’s purchase of 205 West 38th Street, and Real Capital Solutions acquiring First Financial Center in Cincinnati for $59 million, or $106.57 per square foot, comparing that to recent NYC deals with prices nearing $974 per square foot. Tune in now.Episode notes: Economic Update (2:03)Inflation Impact on Consumer Spending (4:27)Single-Family Housing Market Challenges (14:40)FHFA Sets 2026 Caps for Freddie and Fannie (18:44)CMBS Issuance Update (21:43)Millennial Living Trends Impact Housing (26:04)Property Type Stories: Multifamily & Retail (30:15)NYC–Cincinnati Office Pricing (37:49) Programming Notes (43:43)Shoutouts (45:48)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

We recorded early this week ahead of the Thanksgiving holiday, but even in a short week, the big picture is clear: the economy is cooling, not crashing. In this week’s episode of The TreppWire Podcast, we provide a quick macroeconomic update on where things stand as we head into the holiday and discuss how it all ties back to commercial real estate (CRE). We kick off with a special segment on what we’re thankful for in the industry, highlighting bright spots that stand out despite the challenges of 2025 as we move closer to year-end. We discuss the stabilization of interest rates, which has allowed for continued transaction activity despite rising costs and softening job markets. Finally, we do a 101 segment on Ground Leases, explaining what ground leases are, why they exist, the risks involved, and walking through a real-world case study to bring it all together. Tune in now.Episode notes: Economic Update & Outlook for 2026 (1:43)Things We’re Thankful for in CRE (12:37)CMBS Issuance Update (20:31)Multifamily Absorption & Stabilizing Interest Rates (21:05)Ground Lease 101 (29:10)Case Study (32:29)Programming Notes (38:12)Shoutouts (40:24)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we examine the latest Fed signals as the October FOMC minutes highlight a growing split inside the committee and a wider range of potential outcomes heading into year-end. In commercial real estate, we dig into the rising optimism in office lending and why the narrative is far from uniform... Class A assets are seeing real momentum while B/C properties face a multi-year reset. We also cover mixed retail earnings and discuss how shifting consumer behavior and remodel strategies are reshaping demand. We also review notable SASB office deals showing interest shortfalls and what these signals mean for risk as we approach 2026. In our property-type segments, we highlight this week’s major office and retail trading alerts, from a Manhattan appraisal reduction to a Starwood regional mall portfolio transfer to special servicing. Tune in now.Episode notes: Economic Update (0:44)Bifurcation of the Office Market (6:02)Retail Earnings: Home Depot vs. Lowe’s and Target vs. T.J. Maxx (12:31)Office Bifurcation: Headlines vs. Reality (21:11)CMBS SASB Deals with Large Amounts of Interest Shortfalls (28:23)Takeaways from Commercial Observer’s 2025 Fall Finance Forum (35:07)Office Trading Alerts: (41:02)Retail Trading Alerts: (48:12)Programming Notes (56:00)Shoutouts (58:23)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we welcome John Santora, CEO of WeWork and a seasoned leader in global commercial real estate (CRE) industry. After nearly five decades at Cushman & Wakefield, John shares his path to WeWork and his vision for leading the company. We explore major industry shifts, the cyclical nature of CRE, and WeWork’s evolving role in the market. John talks about his renewed focus on operational discipline, profitable growth, and delivering flexible office solutions for today’s workforce. He also shares what he’s hearing firsthand from landlords across the country. Tune in now for an open conversation with one of CRE’s most experienced voices.Episode Notes• Background & Start in CRE (1:18)• Real Estate Market Shifts (3:23)• Joining WeWork (7:18)• Hybrid Work Model (10:56)• Ritz-Carlton-style training for Staff (17:25)• Portfolio Reduction & Strategic Expansion (21:39)• Conversations with Landlords (26:32)• Enthusiasm for WeWork (29:32)• Final Insights on the CRE Industry (32:24)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

At the time of our recording, lawmakers were racing to avert the government shutdown. In this week’s episode of The TreppWire Podcast, we break down the White House’s proposal for a 50-year mortgage and the risks it could introduce, along with the latest CEO talking points on AI investments. In commercial real estate (CRE), we look at how brokerage earnings signal market strength despite headlines focused on distress and provide an update on CMBS issuance, which is expected to surpass $120 billion. We also cover Amazon’s $700 million land purchase for future data centers and Marriott’s decision to end its licensing agreement with Sonder. In property stories, we discuss three multifamily sales, highlight a Blackstone industrial portfolio SASB deal coming to market, and review the Mall of America loan extension. Tune in now. Episode notes: Economic Update (1:32)50-year Mortgage Proposal (5:16)AI Impact & Amazon’s $700M Land Purchase (12:52)Sonder’s Abrupt Bankruptcy & Marriott’s Reaction (19:26)CRE Brokerage Earnings (33:49)CMBS Issuance Update (35:24)EQT Exeter’s $132.43M Acquisition of Two Warehouses in Florida (37:43)Blackstone Data Center SASB Deal (43:39)Mall of America Loan Extended (46:52)Programming Notes (48:47)Shoutouts (50:37) Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we discuss the ongoing government shutdown and its implications, along with the Federal Reserve’s cautious stance and how it is affecting the markets. We also explore the potential impact of New York City’s new mayor on real estate trends and housing affordability. We cover the recent partnership between OpenAI and Amazon, which represents a notable shift away from Microsoft. We also highlight Trepp’s latest AI-powered tools designed to support the commercial real estate finance industry. In a deep dive into October CMBS delinquency data, we go behind the scenes of distress metrics and walk our listeners through the specific loans that drove distress higher or improved the rate in October. To close out the episode, we share notable apartment transactions and compare two industrial property sales, focusing on how location influences price per square foot. Tune in now.   Episode notes:  Economic Update: Govt Shutdown & NYC Mayor (1:40) OpenAI & Amazon Deal and AI at Trepp (15:07) CMBS Delinquency Rate & Cured Loans Analysis (29:43) Notable Apartment Transactions (37:57) Lease Concessions & Market Trends (39:51) Industrial Transactions (45:51) Programming Notes (48:55) Shoutouts (52:52) Questions or comments? Contact us at [email protected].      Follow Trepp:   X: www.x.com/TreppWire  LinkedIn: www.linkedin.com/company/trepp   

In this week’s episode of The TreppWire Podcast, we break down the Fed’s 25-basis-point rate cut and the continued banking consolidation trend, including Huntington’s acquisition of Cadence Bank. We discuss Amazon’s 14,000 layoffs amid its AI push and how that shift impacts office demand and data centers. We also review Trepp’s new report on the $4.8 trillion CRE debt universe, which details who holds the debt and when it comes due. We cover the October CMBS delinquency rate increase to 7.4% and highlight a Texas multifamily loan default. We wrap up with multifamily sales in Florida and Georgia and two office trading alerts. Tune in now.Episode notes: Economic Update: Fed Cuts Rates & Continued Government Shutdown (1:42)Bank Consolidations: Huntington’s Acquisition of Cadence Bank (23:24)$4.8T CRE Debt Universe Report: Trepp (25:47)CMBS Delinquency Rate October 2025: Office Hit Another All-Time High (32:55)Two-Year-Old Texas Apartment Loan Transferred to Special Servicing (35:45)Multifamily Transactions in Palm Beach & Atlanta (41:29)Office Trading Alerts in Silicon Valley & Seattle (48:49)Programming Notes (51:20)Shoutouts (53:45)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

The government is still shut down and the markets are awaiting a delayed inflation report. While this doesn’t sound like new news, in this week’s episode of The TreppWire Podcast, we give it all a real estate spin – what do the happenings in the macro landscape really mean in the context for the commercial real estate (CRE) market. We dive into the Amazon Web Services (AWS) outage and its implications for infrastructure risk, followed by a breakdown of major developments in AI, including OpenAI’s launch of its new browser and growing concerns about AI replacing white-collar jobs. In banking news, we break down Zion’s $1 billion drop in valuation in a single day and discuss what has changed since. We close with some deals and loan performance changes at properties across the country. Tune in now.  Episode notes: • Economic Update: CRE Playbook (0:29)• AWS Outage & AI Shifts (12:36)• Zions Bancorporation: Bad Loans? (27:19)• $126.5M Dallas Office Building Purchase (38:28)• Value of New Hampshire Mall Slashed (44:24)• Chicago Apartment Property Sold for $54M (45:51)• Programming Notes (50:16)• Shoutouts (52:06)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we unpack the ripple effects of the government shutdown and discuss how the Beige Book has gained importance amid the economic data drought. We highlight Trepp’s projection of over $123 billion in private-label CMBS issuance for 2025 and preview our September CMBS Special Servicing report, where the rate climbed to 10.65%—the highest since May 2013. We break down Q3 earnings from major banks and do a “Digging Through the Data” segment on the top CRE lenders of 2025. We also explore national security concerns tied to concentrated data center cluster and examine Walmart’s integration with ChatGPT, a move that could reshape how consumers interact with AI. In our CRE roundup, we spotlight NYC’s leasing boom - now at a 19-year high - and discuss SL Green’s acquisition of Park Avenue Tower. Tune in now.  Episode notes: Economic Update: Government Shutdown & Beige Book (0:42)CMBS Issuance: Trepp Projecting $123B (15:13)Most Active CRE Lenders of 2025 (17:44)September Special Servicing Report (21:15)Data Center Clusters & Security (22:55)Walmart ChatGPT Integration (28:47)CBRE NYC Leasing Report (38:08)SL Green Purchasing Park Avenue Tower (40:49)Programming Notes (42:58)Shoutouts (44:25) Questions or comments? Contact us at [email protected].  Follow Trepp:  X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we break down the U.S. government still being shut down and what it means for economic data releases being paused the longer it drags on. We unpack the September Fed meeting minutes, which revealed a split among policymakers following last month’s 25-basis-point rate cut. We dive into Q3 CMBS issuance trends and explore how the current pace could make 2025 the most active year for issuance since 2007, when $230.5 billion was issued. In banking news, we spotlight Fifth Third’s acquisition of Comerica, a deal that would create the ninth-largest U.S. bank and potentially reshape the regional lending landscape. In the commercial property segment, we highlight RXR’s $1.45 billion Midtown recapitalization, a major office-to-residential conversion near Penn Station, Crescent Real Estate’s purchase of a Dallas office building, and more. Tune in now.Episode notes: • Economic Update: Government Still Shutdown (1:37)• Implications for CRE (10:28)• FOMC Meeting Minutes & Economic Data (12:56)• Q3 CMBS Issuance & Projections (16:49)• Fifth Third to buy Comerica (24:01)• RXR $1.4B Midtown Recapitalization (31:36)• Office-to-Resi Conversion Near Penn Station (36:50)• Crescent Real Estate Buys Dallas' 2000 McKinney Office (39:26)• Programming Notes (41:53)• Shoutouts (43:21)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we analyze what recent developments mean for commercial real estate (CRE), starting with the U.S. government shutdown. We explore its potential economic impact, how long it could last, and what historical shutdowns suggest for CRE. We continue the ongoing conversation about AI, including Accenture layoffs, and Citi’s employee training. Next, we break down our latest CMBS Delinquency Report, which saw the September 2025 overall rate decreasing for the first time since February, and preview Trepp’s Anonymized Loan Level Repository (T-ALLR) Q2 2025 report, sharing signs from bank data. We also cover a trading alert on an outlet loan transferred to special servicing, IKEA’s expansion into Manhattan, continued happenings at Westfield San Francisco Centre, BlackRock’s lease expansion at its Hudson Yards headquarters, and more. Tune in now.Episode notes: • Economic Update: U.S. Government Shutdown (1:33)• AI Discussion: Accenture Layoffs, Citi Training (11:27)• Trepp September CMBS Delinquency Report (22:14)• T-ALLR Q2 2025 Report Preview (25:28)• Outlet Loan Heads to Special Servicing (29:42)• Retail: IKEA’s expansion in Manhattan (34:36)• Westfield San Francisco Center (37:05)• Labubu Times Square Store (39:49)• BlackRock Hudson Yards HQ Expansion (43:53)• Programming Notes (45:06)• Shoutouts (46:56)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

Is office a good investment alternative? In this week’s episode of The TreppWire Podcast, we break it down, spotlighting growing demand for high-end CBD space even amid ongoing distress. We dive into Compass’ $1.6 billion acquisition of Anywhere and its potential impact on the broader residential brokerage landscape, along with August’s new home sales data. Responding to a listener question, we explain the concept of “recapture,” exploring how depreciation factors into decisions to hand back the keys. Plus, we share fresh September data-filled office trading alerts, opportunities in student housing, and the acquisition of Toll Brothers’ apartment platform. Tune in now.Episode notes: Economic Update: Office Opportunities (0:28)Compass Acquisition of Anywhere (8:40)New Home Sales Surged 20.5% (15:57)Listener Question: Recapture Deep Dive & One Big Beautiful Bill (21:13)Latest Office Trading Alerts (28:16)Augusta, GA Mall Loan Sent to Special Servicing (36:36)Kennedy Wilson Acquiring Toll Brothers Apartment Platform (38:19)Programming Notes: Upcoming Trepp Webinars (46:02)Shoutouts (49:44)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.x.com/TreppWire

In this special episode of The TreppWire Podcast, we’re joined by John Barkidjija, Executive Vice President and Head of Commercial Real Estate (CRE) and Specialty Finance at Byline Bank. Better known to our listeners as Dr. Debt Yield, John shares why the debt yield metric remains a cornerstone in CRE and reflects on the moment it became his preferred tool for analyzing real estate. He offers valuable lessons from navigating market downturns from the Great Financial Crisis (GFC) and explains how his legal background fuels a creative approach to problem-solving. The discussion covers key macroeconomic forces driving market uncertainty, from interest rate volatility and tariff impacts to the growing influence of AI. We also explore delinquency resolutions, recent shifts in bank regulatory reporting, and John’s outlook on potential interest rate cuts. Tune in now.Episode Notes• Background & Start in CRE (1:50)• Importance of the Debt Yield Metric (6:50)• Macro Factors Impacting CRE Uncertainty (11:10)• The Role of AI & Office Implications (14:17)• Lessons from Down Cycles (18:10)• Good & Bad Resolutions in Delinquencies (24:47)• Bank Regulation Reporting Change (35:37)• Fed Interest Rate Decision Prediction (38:33)• Shoutouts (41:54)Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWireLinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we analyze the Federal Reserve's recent rate cut and the impact on the commercial real estate (CRE) capital markets. We revisit the movement of the Secured Overnight Financing Rate (SOFR) and credit spreads leading up to the decision. We also unpack the stronger-than-expected retail sales data for August, debate whether economists are overestimating the impact of tariffs on spending, and touch on the current economic stability amid market risks. Turning to CRE stories of the week, we talk about Rithm Capital’s plans to acquire Paramount Group for $1.6 billion, Brookfield’s completed turn around of 660 Fifth Avenue, as well as SL Green and PGIM's $1.4 billion refinancing deal for 11 Madison Avenue. The episode ends with two recent trading alerts and key takeaways from Trepp’s August CMBS Special Servicing Report. Tune in now.Episode notes: Economic Update: Fed Cut Rates (0:28)What is Causing Elevated SOFR Rates? (9:46)CRE Loan Spreads Performance for the Week Ending Sept. 12 (13:40) Strong Retail Sales Growth & Economic Stability (15:40)Rithm Capital Plans to Acquire Paramount Group (27:45)Brookfield Turned 660 Fifth Avenue Around with a $1.7 Billion Investment (32:14)SL Green and PGIM's $1.4 Billion Refi for 11 Madison Avenue (35:52)Trading Alert: Huge Manhattan Office Loan Sent to Special Servicing (38:59)Trading Alert: Florida Mall Value Slashed Below Loan Balance (42:01)Programming Notes (43:34)Shoutouts (45:38)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we unpack major labor market revisions, revealing that job growth was overstated by 911,000 jobs over the past year. We analyze recent data that strengthens the case for a 25-basis-point rate cut at the upcoming Fed meeting. We also dive into Treasury Secretary Scott Bessent’s op-ed, which critiques the Federal Reserve’s post-2008 monetary policy shift. In commercial real estate, we analyze a NAIOP report pointing to cooling demand in the industrial sector and share Trepp’s data on industrial delinquency. We discuss the latest return-to-office developments, with Paramount joining the list of companies enforcing mandates. Turning to office-to-resi conversion trends, we spotlight Washington, D.C., where new tax incentives aim to accelerate transformation. We close the episodes with two notable retail credit stories. Tune in now.Episode notes:• Economic Update: 911,000 Fewer Jobs (1:42)• Treasury Secretary Scott Bessent Op Ed (11:29)• Industrial Space Demand Falls (24:02)• Starwood $930M CMBS Loan (32:37)• Return to Office Mandates (34:59)• Washington D.C. Tax Abatements for Office-to-Resi Projects (40:45)• Retail Credit Stories (43:41)• Programming Notes (46:02)• Shoutouts (46:55)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special episode of The TreppWire Podcast, we’re joined again by Shlomo Chopp, Managing Partner of Case Equity Partners, to discuss commercial mortgage-backed security (CMBS) loan workouts and distressed property situations. Shlomo offers a deep dive into his firm’s strategic approach to navigating complex loan restructurings and asset management. He breaks down the dynamics between small and large borrowers, outlines why CMBS loans often present more flexible workout options than traditional bank financing, and stresses the value of early engagement and negotiation. We also explore current market trends in distressed deals and the challenges in today’s appraisal process. Tune in now.Episode Notes• Background & Start in Real Estate (2:01)• CMBS Loan Workouts (10:41)• Loan Negotiation Strategies for Borrowers (15:47)• Strategic Solutions for Asset Management (22:39)• Distressed Deals & Market Trends (30:32)• Challenges in the Current Appraisal Process (37:28) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWireLinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we assess the current state of the market, explore the commercial real estate (CRE) yield curve, and check in on residential mortgage rate trends. We unpack recent changes to bank reporting rules that could make it easier for banks to hide troubled loans and conceal signs of distress in their lending portfolios. Turning to property stories of the week, we discuss the 1211 Avenue of the Americas loan, which may be returning to performing status despite contributing to the spike in August's CMBS delinquency rate. We also talk about office bright spots, with Manhattan’s strong office leasing recovery and the surge in AI-driven demand in San Francisco, and review three multifamily sales transactions. To close, we share insights from the LifeComps Report Q2 2025 and examine trends in life insurance commercial mortgage returns. Tune in now. Episode notes:Economic Update & Rate Cuts (0:27)Mortgage Rates Impact (8:03)Office Loan Returning to Performing (12:44)Manhattan Office Leasing Recovery (15:41)AI-driven Demand in San Francisco (18:57)Bank Report Transparency (24:57)Multifamily Sales Transactions (32:11)Life Insurance Commercial Mortgage Returns (36:32) Programming Notes (41:38)Shoutouts (42:55)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we discuss retail earnings revealing a bifurcated consumer with value players like Five Below and Walmart raising guidance while restaurants struggle, and examine resilient GDP growth despite declining consumer confidence. We dive into our latest CMBS delinquency data, showing office hitting another all-time high of 11.66% and multifamily reaching a 9-year peak. We explore Starwood's $500 million industrial deal and discuss office sector momentum, including Prologis' Manhattan expansion and a unique office-to-hotel conversion proposal. We also examine multifamily transactions like Invesco's $390 million Houston portfolio financing, and apartment sales across Florida, California, and Kansas. Tune in now.Episode notes:Economic Update: Retail Earnings Analysis (1:26)Consumer Confidence Index vs. Negative Headlines (4:51)Trepp CMBS Delinquency Report (12:49)Industrial Sector: Starwood's $500M Deal (22:05)Office Sector Stories & Sales Transactions (26:57)Multifamily Financing & Sales Transactions (35:45)Programming Notes (41:59)Shoutouts (45:10)Questions or comments? Contact us at [email protected] Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we dive into growing economic concerns, from stagflation risks and the ongoing market uncertainty related to tariffs and Federal Reserve policy. We discuss the quality of the monthly jobs data to forecast future demand, and break down the latest retail sales data and performance, highlighting mixed earnings reports - such as Home Depot’s slight revenue dip amid elevated interest rates. Shifting to the office sector, we spotlight the upcoming October opening of J.P. Morgan’s new $3 billion headquarters and discuss how NYC office visits have, for the first time, surpassed pre-pandemic levels. We also explore the complexities of converting office buildings to residential use in NYC, share updates on office origination data across the country, and report on three notable special servicing transfers. Tune in now.Episode notes:Economic Update: Stagflation Risks (0:28)Market Uncertainties & Data Reliability (8:58)Retail Sales & Performance Overview (15:08)J.P. Morgan Headquarters Completion (20:16) Office-to Resi Conversion Challenges (24:31)Office Originations (29:06)Two Special Servicing Transfers (32:10)New Hampshire Mall Loan Transferred to Special Servicing (41:15)Programming Notes (42:56)Shoutouts (44:56)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we are joined by Samir Tejpaul, Managing Director and Head of Capital Markets at Madison Realty Capital. Samir draws parallels between today's market and 2011 when he started his career and shares why he's bullish on 2026. He also explains Madison's approach to analyzing supply and demand imbalances to develop investment theses across different asset classes and geographies. We dive into the evolving private credit landscape, Madison's value creation lending strategy, and their headline-making $720 million office-to-residential conversion loan for the Pfizer headquarters in New York City. We also explore the shifting dynamics of the office sector, the growing momentum behind office-to-residential conversions across the country, and the importance of building long-term client relationships through market cycles. Tune in now. Episode NotesStart in Commercial Real Estate (1:32)CRE Market Evolution 2011-2025 (3:50)Strategic Demographic-Based Investment Approach (10:20)Private Credit Market Growth Outlook (16:27)Borrower Behavior Around Interest Rates (21:20)Pfizer HQ Conversion Loan Deal (24:45)Social Media's Impact on Brand Perception (32:50)Office Market Recovery and Refinancing (36:11)Questions or comments? Contact us at [email protected]. Follow Trepp:  X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp  

In this week’s episode of The TreppWire Podcast, we examine the Fed's challenging position amid mounting political pressure and July's noisy CPI print. We analyze CBRE's exclusive survey showing companies making unprecedented progress in getting employees back to the office, with enforcement and monitoring dramatically increasing. We dive deep into student housing performance across the top 15 metros with international students. We also explore quantum computing's emerging impact on commercial real estate demand, drawing parallels to AI's data center boom. Plus, we cover multifamily stories including a NYC migrant hotel conversion and apartment transactions in Portland and Seattle. Tune in now. Episode notes:• Economic Update: Fed Policy Pressure, CPI Data & Inflation Targets (1:57)• Back to Office: CBRE Survey on Attendance Enforcement (16:25)• Back to School: International Student Housing Market Analysis (21:54)• Back to the Future: Quantum Computing's Impact on CRE (31:25)• Multifamily Stories: NYC Hotel to Resi Conversion and Portland & Seattle Transactions (35:27)• Programming Notes (40:09)• Shoutouts (42:08)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp