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Russian Billionaire Abramovich Feels the Pinch of Commercial Property Slump

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Billionaire Roman Abramovich’s White Gardens office complex in Moscow stands about two-thirds empty as a supply glut and the sinking Russian economy make it difficult for landlords to find new tenants.

The Russian owner of London’s Chelsea Football Club bought the business center near the central Tverskaya Street in November 2013. Since then, he’s secured new leases accounting for less than 10 percent of the property’s 63,000 square meters (678,000 square feet) of space, according to his spokesman, John Mann. About a third of the property, opened in 2013, is occupied, he said.