Office Depot’s planned merger with Office Max, announced on Wednesday, could lead to some store consolidation that would negatively impact the performance of CMBS deals.

Analysts at Barclays Capital said in a Feb. 22, CMBS report that approximately $1.25 billion of loans in CMBS it rates could be affected by the proposed merger. The bank calculated that around 350 loans spread across 220 deals have at least some exposure to either Office Max or Office Depot as tenants; these account for about $4.4 billion in CMBS outstanding balance. 

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