The state of the office sector is grim. The end of the era of cheap money, coupled with a shift to remote work, has resulted in widespread value destruction and mounting distress. The tide of bad news is unlikely to recede any time soon. As has been widely reported, U.S. property owners must refinance $137 billion of office mortgages this year and nearly half a trillion dollars in the next four years, at a time of widespread lender retrenchment. Compounding the distress, spiking interest rates, coupled with the staggering cost of interest rate hedges for floating-rate loans, have dramatically raised the cost of the few loans on offer.