Office Tower Deal for $1 Reveals Anxiety Among Longtime Buyers.

Canadian pension fund, Canada Pension Plan Investment Board (CPPIB), has sold its interests in several office buildings at discounted prices, raising concerns among investors about the state of the office property market. The sales include a pair of Vancouver towers, a business park in Southern California, and a redevelopment project in Manhattan, which was sold for just $1. The worry is that these deals may set a precedent for other major investors looking to exit the office market due to the persistence of remote work and higher borrowing costs. CPPIB maintains that it is not actively backing away from offices but is instead looking to maximize returns by redeploying cash into other assets. [Extracted from the article]