HISTORIC LEASE; THE DEAL SHEET
| Chicago must have been quite jealous of Condé Nast Publications’ historic 25-year, 1M SF anchor lease at One World Trade Center, because your New York reporter was stuck there overnight due to storms and unable to report on the lease yesterday. | ||
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| Steve Vitoff | ||
| At the deal table: PANYNJ’s Chris Ward, Condé Nast’s Si Newhouse, and PANYNJ’s David Samson (among the onlookers:Mayor Mike, Manhattan borough prez Scott Stringer, Silverstein Properties’ Larry Silverstein, and NYC EDC prez Seth Pinsky). The publisher of The New Yorker, Vanity Fair, Vogue, and other well-known titles will be moving thousands of employees from 4 Times Square to floors 20 through 41 at One WTC owned by the PANYNJ and The Durst Org. CBRE’s Mary Ann Tighe, Gregory Tosko, and Ramneek Rikhy repped the tenant, while Cushman & Wakefield’s Tara Stacom and Alan Stein repped the owner. The 3M SF, $3.1B tower will be completed in ’13. | ||
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| “This is far more than a game-changer,” Mary Ann says. “This is a historic location that could be a NYC changer in the most visionary and positive sense.” She said that Downtown is going through changes that will make it desirable, and Condé Nast is a validation of this. Advertising agencies and others are also sniffing out Downtown, but it’s not going to push the financial tenants out, particularly with Goldman Sachs, Moody’s, and Standard & Poor’s calling Lower Manhattan home. It will just be more diverse. “I think it’s going to be somewhat different [than Midtown],” she says, as Downtown has more a live-and-work environment with 40% of people living within walking distance to work. | ||
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| Sales Transactions Savanna took the title to the 29-story, 504k SF 100 Wall St. It worked with Herrick, Feinstein to gain the fee-simple interest in the property through a UCC foreclosure action. Terms of the deal were not disclosed, but New York Post reports that a source estimated the mezz price to be $7.5M with Savanna assuming the $117M senior loan. It plans to immediately start a capital improvement plan and hired JLL’s Mitchell Konsker, Scott Cahaly, and Brian Reiver to market and lease the property. *** Sherwood Equities and Fidelity Real Estate Group acquired the stalled development site at 356-366 Tenth Ave from Barclays Capital Real Estate Finance, which Real Estate Weekly reports was $42M. The site’s mixed-use zoning allows up to 556k SF of development, and was where former owner Extell Development had planned to build a mixed-use tower. Barclays acquired the site via a deed-in-lieu of foreclosure in August ’10. Sherwood plans to build a 67-story tower on the site. *** Broad Street Development agreed to acquire 209-219 Sullivan St from The Children’s Aid Society for $33M. The sale of the property will allow the non-profit to spread its services into many urban neighborhoods and for BSD to undertake its second luxury residential project in the area in 60k SF of condos. Cushman & Wakefield’s Helen Hwang brokered the deal. *** Terreno Realty Corp purchased a 211k SF industrial property in Kearny, NJ for $33M, assuming a mortgage loan with a total principal amount of nearly $15M. *** An off-shore buyer purchased the 12k SF 10 W 56th St, a circ 1903 limestone mansion, for $15.5M. It’s the former HQ of Felissimo Universal Corporation of America, but was also home to Elizabeth Taylor and third husband Michael Todd. Prudential Douglas Elliman’s Faith Hope Consolo and Joseph Aquino repped the owner. *** Massey Knakal sold three buildings: a walk-up apartment building, with 20 apartments, at 245 Mulberry St for $7.3M cash (brokers:John Ciraulo, Robert Burton, and Craig Waggner) and two mixed-use buildings at 131-11/13 Rockaway Blvd in South Ozone Park, Queens for $1.1M cash (brokers: Steven Preuss and Brian Sarath). *** Broadway Partners and Brookfield Office Properties completed the recap of the 1.6M 450 W 33rd St, acquiring the interests of the property’s former part owner. Broadway had an ownership position in the property since ’07. The Carlton Group’s Howard Michaels was the financial advisor, and the terms of the deal were not released. *** Clarion Partners acquired the minority interest of partner Fairfield Investors at Merritt 7 Corporate Park in Norwalk, Conn. In conjunction, it formed a strategic venture with Marcus Partners to assume property management and leasing services at the property. Lease Transactions Adams & Co brokered over 50k SF in 16 renewals including: SAI International’s 11k SF lease at 231 W 39th St (brokers: James Buslik and Jeffrey Buslik; landlord: 231/249 West 39 Street Associates); Andina’s 6,800 SF and Harvic International’s 6,000 SF leases at 10 W 33rd St (brokers: David Levy and Joseph Friedman; landlord: Forty Eight Thirty Seven Associates); and The Licensing Company North America’s 5,600 SF lease at 30-2 W 24th St (brokers: Levy and Alan Bonett; landlord: Twenty Three R.P. Associates). *** Regus Business Centre leased 39k SF at 100 Overlook Dr in Princeton, NJ. CBRE’s Steve Rigby, Baron Aldrine, Pete Danna,Mike Kay, and Mike Cleary repped the tenant, while Princeton Overlook Realty is the landlord. *** Integra LifeSciences signed an expansion and extension at 103 Morgan Lane in Plainsboro, NJ, taking 36k SF. Colliers International’s Ward Greer brokered the deal, and the landlord is GRE Morgan Lane. *** Actimize inked a 24k SF lease expansion and extension, taking a total footprint of 48k SF at 1359 Broadway. Benchmark Properties’Michael Beyda repped the tenant, while Newmark Knight Frank’s Jonathan Fanuzzi and Brian Waterman repped owner W&H Properties. *** Freepoint Commodities inked a 23k SF lease at 5 Greenwich Office Park in Greenwich, Conn. Goldschmidt & Associates’ Eric Goldschmidt repped the tenant, while CBRE’s David Block and Michael Siegel repped the owner, a subsidiary of ING Clarion Partners. *** Gap fell into 17k SF at 125 Main St in Westport, Conn. SRS Real Estate Partners’ Patrick Smith, Christa Minogue, and Erin Grace repped owner Acadia Realty Trust. *** NAI Friedland brokered 27k SF in Bronx leases including:Brightside Academy’s 12k SF lease at 3942 White Plains Rd(broker: Kathy Zamechansky; landlord: Mike Saad); Shleppers Moving’s 12k SF lease at 120 E 144th St (broker: Peter Cokin; landlord: Susan Weber); and Discount Store’s 3,300 SF lease at 2250 E Tremont Rd (brokers: Robin Herko, Steve Lorenzo, and David Scotto; landlord: Parkchester North Condominiums). *** Logan Media inked a 10-year, 9,100 SF lease at 38-40 Greene St. Gideon Group’s Glenn Teyf repped the tenant, while David Zar repped owner Zar Property NY in-house. *** 10th Street Entertainment inked a five-year, 7,000 SF lease at 38 W 21st St. The Kaufman Org’s Yvonne Chang and Grant Greenspan repped the tenant, while Rice & Associates’ Thomas Jacobs and Doug Rice repped the landlord. *** Ecological LLC is relocating into 5,900 SF at 267 Broadway from a biz incubator at 160 Varick St. UGL Services’ David Herbert and Gary Ceder repped the tenant, while Cushman & Wakefield’s James Searl repped owner The Roe Corp. *** Angelsoft expanded and relocated into 5,000 SF at 158 W 29th St. Citywide Properties’ Sasha Majerovsky repped the tenant, while BRO Realties’ Harvey Drucker repped the owner. *** ¡Delicioso! Manhattan restauraunteur Hector Sanz and chef Maximo Tejada leased 4,800 SF at 2 Bank St, where they plan to open two complementary Spanish restaurants at the site. Sierra Realty Corp’s Brad Schwarz repped owner Rosebud Realty. *** M-1 Piping Corp took 2,500 SF at 105 Sanford St in Brooklyn. Kalmon Dolgin Affiliates’ Jacques Wadler and Vincent Lopez repped the tenant, while MS Levy Realty repped the landlord. *** WINK signed a 1,500 SF lease at 129 Prince St, where it plans to open a store. Robert K Futterman & Associates’ Joshua Strauss and Zach Beloff repped the tenant, while Prince-Wooster Corp is the landlord. Financing GCP Capital Group arranged over $34M in financing including:$13.7M for a package of five six-story apartment buildings totaling 142 units and four stores in Manhattan (arranged by Matthew Albano); $11.1M for a package of five multifamily apartment buildings totaling 192 units and one store in Manhattan (arranged by Adam Brostovski); $6.5M for a walk-up apartment building with five units on W 20th St (arranged by Brostovski); and $3.5M for a six-story walk-up apartment building with 38 units and two stores on Hudson St (arranged by Paul Greenbaum). Business LW Hospitality Advisors formed an asset and property management services division, which will be led by Gary Isenberg, who most recently served as COO for Field Hotel Associates. Executive Moves Mark Schonberger joined Goodwin Proctor’s real estate, REIT, and real estate capital markets group. He specializes in corporate and securities law. He was previously with Paul Hastings, and is a Wesleyan and Boston University School of Law grad. *** John LaValley joined Onyx Equities as AVP, responsible for the initial screening of Onyx’s investment proposals and monitoring investment strategies. He was previously with Urdang Capital Management and is a UPENN grad. *** Thomas Shirocky relocated from CBRE’s NY office to its Saddle Brook, NJ office to assist the firm’s consulting division’s clients with financial analysis and lease structuring. He’s been with CBRE since ’94 and is a Rice University grad. *** Yoel Kranz, a member of Goodwin Proctor’s real estate, REIT, and real estate capital markets group, is relocating from Boston to New York. |
