News
MIDTOWN MADNESS; THE DEAL SHEET
March 14, 2011
| Two major deals in Midtown (and both done by Stacoms). First, a JV between APF Properties and a Prudential Real Estate Investors-managed fund has entered into a contract to buy 28 W 44th St fromSL Green for $161M. |
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| nycimages.net |
| SL Green purchased the 359k SF Class-B asset on "Club Row" in '05 for $105.5M, one of its strategic plays in identifying and purchasing well-located and undervalued assets. The $33.2M in net proceeds generated by the sale will be reinvested in connection with SL Green's recently announced consolidation of the fee interest at The Lipstick Building. The buyers plan a comprehensive $12M capital improvement program to further upgrade the building, which is 87% leased to a diverse group of tenants with staggered lease expirations. CBRE's Darcy Stacom and Bill Shanahan repped SL Green in the deal, which is targeted to close in Q2. |
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| And you don’t need to wait until NBC Thursday for 30 Rock. Financial advisory and asset management firm Lazard just renewed its space at the Tishman Speyer-owned tower for another 21 years, adding another 60k SF to the 370k SF the firm already occupies. Lazard, which has called Rockefeller Center home for nearly four decades, was repped by Cushman & Wakefield’s John Cushman, Tara Stacom, and Cynthia Foster, along with members of the project management and investment banking group team. The firm retainedSwanke Hayden Connell Architects to redesign its workspace. |
