News & Events


March 25, 2019

Commercial Banking

  • Bank of America virtual assistant surpasses 6 million users, adds new features

    Mar 21 -
    Bank of America revealed that Erica, its AI-driven virtual financial assistant, surpassed 6 million users and completed more than 35 million client requests. This milestone coincides with the introduction of a series of new features in the mobile app, including several Erica insights that offer clients personalized, guidance to help them stay on top of their finances. Erica's latest insights include:
    • Recurring charge increase flag: Notifies clients when a recurring charge or membership fee increases unexpectedly, enabling them to take action if needed;
    • Preferred Rewards: Informs clients when they are eligible for Preferred Rewards, highlights the benefits of the three-tiered membership program, and guides them through the enrollment process; and
    • Enhanced bill reminders: Alerts clients of all upcoming Bank of America bills and third-party eBills, including credit cards, home and auto loans, utilities, and retail within five days of their due date.

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  • Bank of America recognized for innovation, digitization, transaction services

    Mar 20 -
    Bank of America received several awards for its Global Transaction Services (GTS) business. The recognition highlights the bank's leadership in digital solutions, innovation, service quality and global consistency. The accolades came from industry publications and research firms that conduct surveys with businesses, including the bank’s own clients. For innovation, the analyst firm Aite Group named Intelligent Receivables as Product Development winner in its inaugural Impact Innovation Awards in Cash Management and Payments. For leadership in digital, Bank of America's CashPro digital platform ranked highly in the 2018 Greenwich Excellence Awards in the U.S. for large corporate cash management.

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  • Deutsche Bank CEO paid $8 million, top managers get first bonuses in four years

    Mar 22 -
    Deutsche Bank paid its management board members their first bonuses in four years in 2018. Deutsche Bank's pay disclosures, which were revealed in its annual report, come as it contemplates a merger with Commerzbank, which some fear could lead to up to 30,000 job cuts.

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Real Estate Finance

  • WWE inks deal for new headquarters in Stamford

    Mar 21 -
    The company inked a lease for 415,000 square feet at 677 Washington Boulevard. With the deal, the three-building complex is 72% leased. WWE said it expects to move to the new location in early 2021. It will allow the company to bring together its operations, including its production studios and corporate offices. The lease has an initial term of approximately 16.5 years, with five five-year renewal options afterward.

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  • Cosmetics manufacturer plots move to Brookfield Place

    Mar 21 -
    Maesa Group signed a 10-year lease with Brookfield Property Partners for 34,119 square feet at 225 Liberty Street. Asking rent was $75 per square foot. The company will occupy parts of the 23rd floor of the 44-story building, formerly known as 2 World Trade Center. Maesa plans to move from its office at 40 Worth Street between Church Street and West Broadway in Q3 this year.

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  • Grover Corlew purchases Florida office complex for $32.5M

    Mar 21 -
    Grover Corlew acquired the four-building Hillsboro Center office complex here for $32.5 million. The company purchased the more than 216,000-square-foot office center for approximately $150-a-square-foot from a joint venture of TriGate Capital, Equitable Real Estate Partners and Commercial Florida Realty Partners. Hillsboro Center includes a six-story, 116,250-square-foot office tower at 600 West Hillsboro Blvd. and four two-story office buildings with 99,851 square feet at 700 West Hillsboro Blvd. Hillsboro Center was 88.3% leased at the time of sale.

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Commercial Bankruptcy

  • Charlotte Russe floats $5M Ch. 11 sale of IP, lease assets

    Mar 19 -
    Bankrupt women's clothing and accessories retailer Charlotte Russe asked a Delaware bankruptcy judge for permission to sell its remaining intellectual property and real estate lease assets for $5 million after completing a $59 million liquidation transaction for its more than 500 stores earlier this month. In the motion, Charlotte Russe said it had reached terms for a sale of the remaining assets with buyers YM and CR after several weeks of negotiations that began during breaks in the debtor's March 5 all-asset auction, which did not include the intellectual property or unexpired lease assets. The company is seeking to consummate the sale by March 29 to avoid incurring any additional rent obligations after SB360 Capital Partners completes its liquidation of inventory at the more than 500 store locations it acquired at the auction and vacates the premises, the motion said.

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  • Helicopter services company PHI files for bankruptcy

    Mar 15 -
    PHI filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. PHI's move was triggered by its failure to repay $500 million worth of unsecured 5.25% senior notes due this month. The company said it would continue to operate normally during bankruptcy restructuring with its existing cash and $70 million from a new Wall Street investment firm, Blue Torch Capital. Blue Torch operates a $750 million “Capital Credit Opportunities Fund” that specializes in making high-interest loans to “companies in transition.” PHI said the bankruptcy filing includes only its principal U.S. entities and excludes foreign entities in Mexico, Canada, Trinidad & Tobago, Cyprus, Ghana, Israel, Saudi Arabia, the Philippines, Australia and New Zealand.

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  • Z Gallerie files for bankruptcy, will close select stores

    Mar 12 -
    As part of the restructuring, the home furnishings retailer is seeking court approval to proceed with closing 17 of its 76 stores. It expects the Chapter 11 process to last approximately four months. Z Gallerie expects to have access to a $28 million debtor-in-possession financing facility from its existing secured lender, KeyBank National Association. The DIP financing, which provides up to $8 million in incremental liquidity, combined with the company's cash from operations, is expected to provide sufficient liquidity to the retailer to maintain normal operations, in store and online, during the Chapter 11 process.

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