Lending & Foreclosure
Verified Update
Pending
Receiver Hilco Global now controls Worldwide Plaza, with Cushman & Wakefield replacing SL Green as manager, as a $940 million CMBS foreclosure on the 1.8-million-square-foot Manhattan tower proceeds.
Under a court-approved transition effective July 1, Cushman & Wakefield replaced SL Green Realty Corp. as day-to-day manager of Worldwide Plaza, the 1.8-million-square-foot Manhattan office tower, ceding control to receiver Hilco Global while a $940 million CMBS foreclosure filed by Goldman Sachs, Deutsche Bank and the loan's trustee proceeds in New York County Supreme Court. A parallel fight over the property's mezzanine debt, in which Extell Development's Gary Barnett is pursuing a UCC Article 9 foreclosure sale, remains on appeal after Justice Andrea Masley denied SL Green and RXR's bid to enjoin the sale.
$940M senior loan (Goldman Sachs/Deutsche Bank, Series 2017-WWP); bondholders estimated to face losses up to $488M
Why it matters: Illustrates how quickly a sponsor can lose operational control of a trophy asset once senior lenders secure a receiver, even before any foreclosure sale occurs, and how competing senior and mezzanine creditors can pursue simultaneous, adversarial remedies against the same building on different timelines and legal standards. Owners and lenders across the distressed office sector should treat the case as a template for how receivership and UCC foreclosure tracks can fracture control of a single asset across parallel proceedings.
Jul 1, 2026
Supreme Court of the State of New York, New York County
Commercial Lease Disputes
Verified Update
Filed
A commercial tenant's proposed class action claims CoStar was the hub of a rent price-fixing conspiracy, with CBRE, JLL, Cushman & Wakefield, Colliers and Newmark as spokes.
Commercial tenant FitFactariDC LLC filed a proposed class action alleging CoStar Group's lease-comparables platform served as the 'hub' of a Sherman Act price-fixing conspiracy, with CBRE, JLL, Cushman & Wakefield, Colliers, and Newmark as 'spokes' that traded non-public effective rents, concessions, and lease terms through the platform. The complaint claims each 1-point rise in CoStar's market share tracked a 0.3%-0.8% increase in rent per square foot across office, industrial, and retail leases from 2015-2025. An initial status hearing is set for August 19, 2026.
Putative nationwide class; 2015–2025 class period
Why it matters: Extends the RealPage-style hub-and-spoke theory from multifamily algorithmic pricing into commercial brokerage data-sharing, naming the industry's largest brokerages as defendants. If the theory survives a motion to dismiss, follow-on suits could sweep in landlords and owners whose brokers submitted lease data to CoStar, mirroring how RealPage litigation expanded to landlord-customers.
Jun 12, 2026
U.S. District Court, Northern District of Illinois
