THE DEAL SHEET
| And there goes another—LaSalle Hotel Properties says it's signed a purchase and sale agreement to acquire the 934-unit Park Central Hotel for $406M. |
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| The acquisition is expected to close toward the end of Q3, and LaSalle anticipates funding the majority of the purchase with net proceeds of $217M from the company’s previously completed sale of common shares in April and property-level financing. The hotel, which is across the street from Carnegie Hall, features steakhouse Cityhouse and lounge Bar Bella, 14k SF of meeting and function space, and 4,800 SF of retail space. Since it was constructed in 1928, it has undergone several renovations, including $33M worth since ’04, and LaSalle plans another $30M to $35M renovation. Highgate Holdings will continue to operate the hotel. |
| Sales Transactions In another hotel deal, Prudential Real Estate Investors and the Dow Hotel Co purchased the 304-room Hilton Long Island/Huntington at 598 Broadhollow Rd in Melville. The price was not disclosed, but Long Island Business News sourced it at $32M. Cushman & Wakefield Sonnenblick Goldman’s Tom McConnell and Ernest Lee (who were also involved in Gehr Group’s $170M purchase and financing of two Times Square hotels last week) repped the sellers. The property is the sole full-service Hilton on Long Island and features 30k SF of meeting space. The new owners plan a $15M renovation for the hotel, which will be managed by Dow.*** A private family purchased 114 W 86th in a US Bankruptcy Court auction for $20.1M. Eastern Consolidated’s Lipa Lieberman and David Schechtman repped the seller in the auction, which featured an $18M stalking horse bid from Bernstein Real Estate. The property has been in dispute since ’03. Hybrid Capital secured the debt financing for the deal. *** Grubb & Ellis Healthcare REIT II acquired four properties comprised of five medical office buildings—four in Arkansas, and the fifth in NJ. Part of the $44M purchase is Jersey City Medical Office Building in Jersey City, a 100%-leased, 68k SF facility on the campus of Jersey City Medical Center. *** ARC Global Holdings purchased the 39k SF industrial/flex 500 Corporate Dr in Mahwah, NJ from MSS Associates for $3.3M. NAI James E. Hanson’s Kenneth Lundberg repped the seller, while Cassidy Turley’s Mark Siegler and Marc Hirschinger repped the buyer. Lease Transactions |
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| General Reinsurance Corp inked a 21-month, 56k SF lease at 125 Broad St, a consolidation from two other Manhattan locations. Cushman & Wakefield’s John Picco, Peter Van Duyne, and Thomas Kaufman repped the tenant, while CBRE’s Mark Ravesloot, Peter Turchin, Gerry Miovski, Zachary Freeman, and Christopher Levinson repped owner Mack-Cali.*** ADT Security Services signed a 46k SF lease at 930 North Riverview Ave in Totowa Business Center. ATCO Properties & Management is the landlord. *** Net-A-Porter signed a 32k SF lease at 100-104 Fifth Ave. Cushman & Wakefield’s Owen Hane repped the tenant, while The Kaufman Org’s Grant Greenspan, Michael Kaufman, and Elliot Warren repped the landlord in-house (in a JV with Invesco). *** 5 Hanover Square saw four new leases: the Law Offices of Barry Cohen’s 10-year, 4,500 SF lease (tenant rep: George Comfort & Sons’ Dennis Someck); Thivierge & Rothberg’s 10-year, 2,900 SF lease (tenant rep: CBRE’s Barry Finkelman); Magna Group’s seven-year, 2,900 SF lease (tenant rep: Winslow & Co’s Josh Winslow); and Odyssey Financial Technologies’ 10-year, 7,500 expansion. Cushman & Wakefield’s Frank Cento repped owner Savanna. *** Captain Lawrence Brewing Co signed a 18k SF lease at 444 Saw Mill River Rd in Elmsford, NY, relocating its 8,000 SF operations from Pleasantville and building a new facility to increase brewing capacity and create additional jobs. CBRE’s Kevin Langtry and William Cuddy repped the tenant. *** Milly signed a five-year extension and expansion at 265 W 37th St for its showroom and office space, and now occupies 15k SF. Colliers International’s Martin Meyer repped the tenant and landlord, 265 West 37th Street LLC. *** Anthropologie inked a 15k SF lease at 1230 Third Ave for its first Upper East Side location. Robert K Futterman & Associates’ Robert Futterman and Beth Rosen, along with The McDevitt Co’s Wade McDevitt and Stephen Plourde, repped the tenant. Cushman & Wakefield’s Gene Spiegelman and Michael O’Neill repped owners Tower East Properties Corp and 190 East 72nd St Corp. *** Adams & Co signed four leases down Seventh Ave: Amerimade Coat’s three-year, 5,600 SF lease and expansion and Planet Motherhood’s three-year, 2,700 SF lease at 463 Seventh Ave(broker: David Levy; landlord: The Arsenal Co); Adventure Publishing’s 10-year, 3,000 SF lease at 307 Seventh Ave (tenant rep: Adams’ Joseph Friedman; landlord rep: Bernstein Real Estate’s Peter Liptrot); and New York State Industry for the Disabled’s five-year, 1,500 SF lease at 352 Seventh Ave (tenant rep: Adams’Michael Hymowitz; landlord rep: AM Property Holdings’ Nathan Wasserman). *** Five Below signed a 8,300 SF lease at Pelham Manor Shopping Center in Westchester. SRS Real Estate Partners’ Erin Grace repped the tenant, while owner Acadia Realty Trust was repped in-house. *** ALaS Consulting inked a 8,000 SF lease at 14 Wall St. The Vortex Group’s Scott Keith Grayson and Marina Donova repped the tenant, while CBRE’s Jonathan Cope repped owner Capstone Equities. *** Franklin Market expanded into 8,000 SF at 675 Hempstead Turnpike in Franklin Square, Long Island. Aggregate rental is $2.3M. Island Associates’ John Messineo repped both the landlord and tenant. *** American Symphony Orchestra conducted a long-term, 5,000 SF lease at 263 W 38th St. Handler Real Estate’s Scott Galin and Peter Newman repped both the tenant and landlord. *** Sugar and Plumm Purveyors of Yumm inked a 4,200 SF lease at the northeast corner of Amsterdam Ave and W 78th St. SRS Real Estate Partners’ Patrick Smith and Matt Ogle repped the tenant, while Mitch Salmon repped owner First New Amsterdam Realty in-house. *** |
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| Waterkeeper Alliance signed a 4,000 SF deal at 17 Battery Pl. Handler Real Estate’s Scott Galin and Peter Newman repped the tenant, while Newmark Knight Frank’s Robert Sattler and Adam Leshowitz repped the owner.***Liman Video Rental Co inked a 4,000 SF lease at 330 W 38th St. CBC Hunter Realty’s David Danick and Richard Selig repped the tenant, while Molly Keeler and Mark Bengualid repped owner EJMB Realty. *** Sweet People Apparel inked a 2,100 SF lease at 250 W 39th St. Savitt Partners’ Ed Eckstein, Marc Schoen, and Michael Schoen repped the tenant, while Tarter Stats O’Toole’s Catherine O’Toole and Jonathan Mines repped owner TR 39th Street Land Corp. *** Integrated Media Solutions inked a renewal and expansion for the entire 35th floor and part of the 34th floor of 650 Fifth Ave. The Vortex Group’s Frederick Kane Marek and Jordan Mandel repped the tenant, while JLL’s Gary Youm and James Quinn repped owner 650 Fifth Avenue Co. Financing Meridian Capital Group arranged over $101M in financing: $43M for a six-building multifamily portfolio totaling 649 units in Queens, Fort Lee, NJ, and Joppatowne, MD (arranged by Avi Weinstock and Josh Rhine); $25.2M for a five-building multifamily portfolio totaling 219 units in Queens and Nassau County (arranged by Joe Taub);$17.8M for a 192-unit multifamily building on Richbell Rd in Mamaroneck (arranged by Weinstock and Chaim Tessler); and $10.9M for a 46-unit multifamily building on E 17th St (arranged by Weinstock and Tessler). *** GCP Capital Group arranged over $19M in financing: $4.7M for two connected medical office facilities on Yonkers Ave in Yonkers (arranged by Adam Brostovski); $4.1M for a six-story elevator building totaling 66 units on 215th St (arranged by Paul Greenbaum); $4M for four two-story garden apartment buildings totaling 78 units on David Ave in the Bronx (arranged by Brostovski); and a $2.5M construction loan for a five-story walk-up apartment building totaling 20 units on E 90th St (arranged by Greenbaum). Business Jerry Swartz formed HKS Capital Partners, a boutique real estate capital advisory firm specializing in debt and equity finance nationwide. The firm’s office is located at 900 Broadway. Joining Jerry as co-founders and partners are Ayush Kapahi and Jonathan Harrington, and the firm has already hired two brokers and three part-time analysts, and Sam Giarruso and Robert Vanden will serve as independent directors. It also established a strategic alliance with Aristone Realty Capital. *** CBRE changed the name of its private client group to private capital group. It remains part of CBRE’s investment properties group and is co-led nationally by Jeffrey Ackerman and Jennifer Pierson. *** Sordoni Construction is expanding and relocating its main office to 409 Main St in Chester, NJ, and will serve as the HQ for the NJ/NY metropolitan markets. Executive Moves Brookfield Office Properties announced several management changes: Dennis Friedrich was promoted to president and global CIO; Tom Farley was promoted to president and global COO, as well as chair of Brookfield Office Properties Canada; Jan Sucharda was promoted to president and CEO of Canadian commercial operations at Brookfield Office Properties and Brookfield Office Properties Canada; and Mitch Rudin is joining the REIT as president and CEO of US commercial operations. Mitch joins from CBRE, where he was president and CEO of its New York Tri-State region. Ric Clark will be relinquishing his title of Brookfield Office Properties’ president and chairman of Brookfield Office Properties Canada. *** Bryce Blair will be retiring from his decade-long CEO position at AvalonBay Communities, but will remain as chairman of the board through ’12. President Timothy Naughton will then assume the additional role and title of CEO. Bryce has been with the firm for over 25 years, while Timothy joined in ’89 and has served as president since ’05. He’s a Harvard and UVA grad. *** Matthew Seltzer joined Cassidy Turley’s NJ office as SVP, specializing in tenant rep and consulting services. He was previously with Cushman & Wakefield, where he’s worked for 14 years. He also held positions at William S Hocking Realty Co and Helmsley-Noyes Co. He’s a University of Delaware grad. *** Lon Rubackin joined CBRE as SVP in the retail services group. He was previously founder of GFI Retail Group, and held positions at Forest City Ratner, Related, Barnes & Noble, and Nobody Beats the Wiz. He’s a Brooklyn College grad. *** John Rhim joined Harbor Group International as VP of acquisitions, procuring and underwriting assets as part of the HGI acquisitions team. He was previously with Capstone Equities and held a position at other various firms, including Morgan Stanley. He’s a Washington University grad. *** CBRE promoted Lou Belfer and Scott Belfer to SVPs in the firm’s East Brunswick, NJ office. The duo negotiated nearly 2.5M SF of transactions throughout the country last year, totaling over $45M. They joined the firm in ’01. Lou has 27 years of experience and Scott 12 years experience in the industry. *** Lev Kimyagarov is relocating from Massey Knakal’s Nassau County division to the Manhattan office as director of sales covering East Harlem. He joined the firm in ’07, and held positions at Dakota Realty Group and ResMae Mortgage Corp. He’s a York College grad. |
