Not you too, Tishman Speyer! The WSJ says that the fabled and relatively squeaky-clean family real estate empire (Rockefeller Center! Chrysler building!) Tishman Speyer has defaulted on loans for a massive Washington real estate investment. (We already knew that their enormous purchase of Stuy Town was pretty much a debacle, of course-and which will become a full-on disaster next year when the fund paying the differential between its debt and its income runs out.) Here's what I don't quite get. If Speyer unloaded $12 billion in property at the top of the market, and also has $2 billion essentially in cash, why then is refinancing a $2.8 billion investment a problem? Are they just defaulting to default? Sure there's a lack of rental income on all properties- but it's not like they own Jared Kushner's troubled 666 Fifth Avenue or anything, which is becoming more and more vacant, with bigger and bigger ads put up by brokers on its empty ground floor retail.