A commercial mortgage bond tied to Deutsche Bank's new Columbus Circle headquarters has been put on hold due to market volatility.

The loan, sponsored by Singaporean sovereign wealth fund GIC and the Abu Dhabi Investment Authority, would be worth almost $1.5B, Bloomberg reports. Research reports from both Stone Harbor Investment Partners and JPMorgan Chase noted that the single-loan commercial mortgage bond was no longer in the market.

The delay is just the latest transaction to be put on ice amid growing unpredictability in U.S. capital markets, driven by the Russia-Ukraine War.

“There were also whispers of other CMBS deals being put on pause as well as in other securitized markets including credit risk transfer and asset-backed securities,” JPMorgan analysts led by John Sim said, per Bloomberg.

Deutsche Bank announced in 2018 it planned to move its New York headquarters from Wall Street to a 1.1M SF space at One Columbus Circle at the corner of Central Park. That building was renamed from Time Warner Center to Deutsche Bank Center last year after WarnerMedia decamped for Hudson Yards. Deutsche Bank's previous headquarters was at 60 Wall St.

Russia invaded Ukraine less than a week ago, and the UN human rights office recorded 136 civilian deaths as of Tuesday, the Associated Press reports, although the actual figure is expected to be much higher.

The U.S has slapped sanctions on Russia in relation to the attack, and the impact of the conflict on the global property market is expected to be significant. Experts have told Bisnow the effects will be felt in a reset of values, recalculations of property's risks and years of more cautious deal-making.

Global real estate developer Hines, which has partnered on major NYC projects like One Vanderbilt and 432 Park Ave., told Bisnow Tuesday it is considering exiting its Russia holdings.