Latest Videos
The information you requested is not available at this time, please check back again soon.
Michael Cohen came under a painstaking cross-examination Tuesday by Donald Trump’s lawyer, who sought to undermine his earlier testimony that he participated in a hush money scheme to help the former president influence the 2016 election.
Morgan Stanley struck a deal to buy roughly $700 million of property loans made by the failed Signature Bank from a group including Blackstone Inc., Canada Pension Plan Investment Board and Rialto Capital, according to people familiar with the matter.
Time and again, Jerome Powell has made it clear. Financial conditions, the Federal Reserve’s key lever for cooling the US economy, are tight.
Germany’s Bundesbank abandoned plans to add new office buildings to its Frankfurt headquarters as employees avail of its policy to work from home.
Sales of new homes in Singapore fell after a brief surge, in a sign of fragile sentiment in the nation’s once-booming property market.
Dec 11, 2019
The Canadian Press
CALGARY - A major player in Calgary's depressed office real estate industry is putting dozens of Alberta office buildings under court protection from creditors while it tries to sell them.
Riaz Mamdani, CEO of Strategic Group, says the move is being made because of a prolonged downturn in the Alberta economy over the past five years that has resulted in office vacancy rates of around 25 per cent in Calgary, Canada's major oil and gas hub.
The company says it has lost 78 tenants - some of which are no longer in business - occupying almost 54,000 square metres under lease since mid-2014 and the situation is expected to worsen in 2020.
The Alberta Court of Queen's Bench has appointed Hardie & Kelly Inc. as monitor of proceedings under the Companies' Creditors Arrangement Act for 50 properties in Calgary and six in Edmonton.
Mamdani says the proceedings will not affect the rest of the private company's 171 office, retail and apartment properties from Vancouver Island to Atlantic Canada.
In its third-quarter office market report, realtor Avison Young said the overall Calgary vacancy rate was 22.3 per cent but the downtown rate was 24.6 per cent.
