Brooklyn’s tallest office tower delivered a brutal reality check for foreign investors who bet big on the borough’s office boom. A Canadian pension giant and a group of EB-5 investors together swallowed roughly $120 million in losses tied to the refinancing of 1 Willoughby Square, the 35-story Downtown Brooklyn office building developed by JEMB Realty, Crain’s reported. The refinancing underscores how uneven the office recovery remains outside Manhattan trophy assets.  La Caisse, formerly known as Caisse de dépôt et placement du Québec, took a $55 million write-down on a $235 million construction loan issued in 2018. The Montreal-based pension manager […]

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