Distress Calls Begin to Go Out | Macklowe Moves to Regain Drake Hotel; Blackstone Buys In on a Flailing REIT | wsj.com

Big-name investors have swooped in on two high-profile commercial real-estate assets in a sign that activity is returning to the investment-property market. Private-equity firm CIM Group has teamed up with New York developer Harry Macklowe to help him regain control of what is regarded as one of the most valuable vacant lots in the world, according to people familiar with the matter.