This Week's N.Y. Deal Sheet
One Vanderbilt, SL Green’s Midtown office supertall, locked down two more leases last week, bringing the tower to 64% leased.
Alternative investment firm Oak Hill Advisors leased nearly 46K SF across the entire 16th floor in a 15-year deal, the landlord announced Tuesday. Meanwhile, the Carlyle Group expanded its lease to add 33K SF, bringing its total spread in the building to almost 161K SF.
Newmark Knight Frank’s Lance Korman, Brian Waterman and Jared Horowitz represented Oak Hill, while JLL’s Joseph Messina, Steven Rotter, Greg Lubar, Steven Spartin, Jessica Berkey and Andrew Lutzer brokered the deal for Carlyle. CBRE’s Robert Alexander, Ryan Alexander, Emily Jones and Alex D’Amario represented the landlord.
Here’s a look at some of the other major deals this week:
TOP LEASES
It wasn’t just at One Vanderbilt where SL Green was bagging leases this week. BMW of Manhattan renewed for around 227K SF at 555 West 57th St., the landlord announced in a release. Scott Panzer and Matt Rosen of Jones Lang LaSalle brokered the deal for the tenant, and SL Green was represented in-house.
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Uber finalized its deal to lease more than 300K SF at 3 World Trade Center, Commercial Observer reports. The space spans 307K SF across the 43rd through the 49th floors of the building. The terms of the lease weren’t made public, though rents in the building are between the $80s per SF and the low $90s per SF, per CO. CBRE brokers Mary Ann Tighe, Evan Haskell, Stephen Enyon, David Caperna and Adam Foster represented landlord Silverstein Properties, as well as in-house brokers Jeremy Moss and Camille McGratty. CBRE’s Sacha Zarba and Alice Fair represented the tenant.
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Huntsworth Health leased 39K SF at Brookfield’s 300 Vesey St. as a 12-year sublease deal with Virtu Financial, Commercial Observer reports. The London-based healthcare and communications group is moving from 24K SF at 101 Sixth Ave. in March, per CO. Frank Doyle, Cynthia Wasserberger, Andrew Coe and Kyle Young of JLL brokered the deal for Virtu with Michael Lenchner of Sage Realty Corp. NKF brokers Eric Cagner and Greg Wang represented Huntsworth.
TOP SALES
L+M Development Partners and Invesco Real Estate closed on their $1.2B affordable housing portfolio purchase from Urban American and Brookfield Asset Management, with an $823M loan from Wells Fargo, The Real Deal reports. The deal, announced earlier this year, features five former Mitchell-Lama buildings in Manhattan, including River Crossing, the Heritage, the Miles in Harlem, and the Parker and Roosevelt Landings on Roosevelt Island. The portfolio spans 2,800 market-rate units, and the buyers plan to return more than 1,800 of them to long-term rent regulation.
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Tribeca Investment Group, PGIM Real Estate and Meadow Partners last week closed on their 99-year ground lease of 295 Fifth Ave., known as the Textile Building, according to a release from the companies. The price for the lease on the 17-floor building on Fifth Avenue between East 30th and 31st streets was $375M, The Real Deal reports. The joint venture is now planning a $300M repositioning to turn it into a Class-A office building. Manhattan Properties leased the building and was represented by CBRE’s Darcy Stacom and Bill Shanahan.
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Macquarie Infrastructure and Real Assets’s GLL Real Estate Partners closed on a 99-year ground lease with the London-based Mactaggart Family and Partners for the building at 589 Fifth Ave., PincusCo reports. The deal is valued at $365.2M, or $2,336 per SF. The 17-story building features the largest H&M store in the world.
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The Chetrit Organization has closed on its deal to pay $181.5M to Rudin Management for One Whitehall Street, PincusCo reports. The deal, which first became public earlier this year after Rudin initially explored its WeWork-stacked 110 Wall St., hit records Oct. 24.
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Kayne Anderson Capital Advisors paid $20.7M for a self-storage property at 252 Newport St., in Brownsville, Brooklyn, Commercial Observer reports. The seller was Highland Development Ventures. The buyer scored $12.5M in financing from PNC Bank for the deal, per the publication.
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CW Realty is paying about $39M for an assemblage on a full block on Hope Street between Keap and Rodney streets in Williamsburg, The Real Deal reports. The assemblage has 475 feet of street frontage overall, and CW Realty plans to build a 145-unit, seven-story building there, per TRD. There are multiple sellers, including Heatherwood Luxury Rentals. Marcus & Millichap’s Said Boukhalfa brokered the deal.
TOP FINANCING DEALS
Nathan Berman’s Metro Lofts locked down $265M from Deutsche Bank for the company’s luxury residential building at 180 Water St., PincusCo reports. That loan represents a $50M, or 15%, reduction in the secured debt level provided by the same bank in 2017, per the publication. Berman paid $450M in 2017 to buy out his partner, Vanbarton Group, per The Real Deal.
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Marx Development Group locked down $202M from Mack Real Estate Credit Strategies for its Courtyard by Marriott at 461 West 34th St., The Real Deal reports. The hotel is due to open next month, and this new financing includes a $76.5M gap mortgage. Moinian Group previously refinanced the property with a $125M loan.
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Nuveen, the real estate arm of TIAA, loaned RXR Realty $228M to refinance its 530K SF office spread at 530 Fifth Ave., Commercial Observer reports. The financing will retire the $200M acquisition loan Morgan Stanley provided in 2014, and includes a $18.8M project loan.
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Foremost Real Estate locked down $61M from Bank of America for 127 West 25th St., a Chelsea office building, per Commercial Observer. The 10-year loan retired just under $48M of debt from LoanCore Capital, per CO. Thomas Fuchsman and Solomon Birnbaum’s FBRE Capital brokered the deal for the borrower.
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Colony Credit Real Estate loaned $84M to Flank Architecture + Development for 360 Wythe Ave., Commercial Observer reports. The financing replaced $60M from Bank OZK. AKS Capital Partners co-founder Keith Kurland, Aaron Appel, and Jonathan and Adam Schwartz arranged the financing for Flank. The Williamsburg property has 25K of retail space, 46K SF of office and 28 rental units.
