This Week's N.Y. Deal Sheet
As the nation waited days for the results of the 2020 presidential election, the deals didn't slow.
TOP LEASES
Investors Bank signed a lease for over 14K on the 15th floor of Trinity Centre, the 22-story office building on 111-115 Broadway, CBRE announced. The bank’s new Financial District lease will consolidate its current locations in Midtown and Brooklyn. CBRE’s Adam Foster, Mike Rizzo, Brad Gerla and Adam Leshowitz brokered the lease for the landlord, Capital Properties. Cushman & Wakefield’s Patrick Dugan, Frank Liantonio and Jason Kroeger represented the tenant.
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Engineering and architecture firm HOK renewed its 34K SF lease at 5 Bryant Park, where it has been a tenant for the past 10 years, landlord Savanna announced. CBRE’s Paul Amrich, Neil King and Meghan Allen negotiated the lease for Savanna. JLL’s Jim Wenk, Kirill Azovtsev and Alison Buck negotiated the lease for the tenant.
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Financial tech company Finsight inked a five-year lease for 8,800 SF at Savitt Partners’ 530 Seventh Ave., which will serve as the company’s New York headquarters, the landlord announced. Savitt’s Bob Savitt, Brian Neugeboren, Nicole Goetz represented the landlord in-house and C&W’s Adam Goldman and Jennifer Casey represented the tenant.
The building will also have two other new office tenants: Carollo Engineers, an environmental engineering company, signed a three-year, 3,675 SF lease and H.W. Anderson Consulting signed a 2,550 SF lease. Savills’ Dustin McFarland and Sean Hoffman represented Carollo Engineers and Velocity Realty’s Jake Cunningham represented H.W. Anderson. Neugeboren and Goetz brokered both leases for the landlord in-house.
TOP SALES
Liberty Properties LLC purchased a 232K SF office building at 44 Whippany in Morristown, New Jersey, for $50M, Commercial Property Executive reports. The office went for more than double the $21.6M seller Marcus Partners bought it for in 2015. Marcus Partners spent $7M on renovations since then. JLL’s Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver brokered the deal for both the buyer and the seller, CPE reports.
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Maryland-based logistics firm Realterm bought a 50,500 SF warehouse at 235 Gardner Ave. in Williamsburg for $28M, Crain’s New York Business reports. The buyer was Manya Operating Co., based in Rockland County. The building is currently home to construction company Decorama Building-Plumbing, according to Decorama's website.
TOP FINANCING
Brookfield Property Partners and The Swig Co. secured $1.25B in refinancing on the Grace Building, the duo’s Class-A skyscraper at 1114 Sixth Ave., Commercial Observer reports. Bank of America, which is a major tenant at the building, JPMorgan Chase, Credit Suisse and Deutsche Bank provided the debt on the 10-year, fixed-rate 2.75% interest loan. The 1.6M SF, 49-story Grace Building was built in 1974 and overlooks Bryant Park.
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Hackman Capital Partners and Square Mile Capital scored a $323M floating-rate mortgage for their purchase of Silvercup Studios, which comprises 23 different properties in the Bronx and Queens. Apollo Global Management, which provided $223M of the debt, announced the loan. Deutsche Bank also provided some of the financing, Commercial Observer reports. Silvercup Studios, where The Sopranos, Sex and the City, The Devil Wears Prada and When Harry Met Sally were all filmed, was purchased by the joint venture in September for $500M.
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Supreme Equities secured a $16M construction loan for its apartment building at 653-655 Mace Ave. in the Bronx, ACRES Capital Corp., which provided the debt, announced. The 57K SF building will span 53 units across seven floors, 15K SF of community space and 27 parking spots. The project was announced last year.
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Spitzer Enterprises, led by former New York Gov. Eliot Spitzer, scored $388M in refinancing on its 857-unit multifamily property at 420 Kent Ave. in Williamsburg, Commercial Observer reports. The financing consists of two loans. Citigroup lent the developer $298M and Rexmark provided a $90M mezzanine loan. The property also contains 20K SF of retail space. Meridian Capital brokered the debt, according to CO.
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Riverside Developers USA scored a $67M construction loan for its multifamily properties at 376 Flushing Ave. and 378 Flushing Ave. in Bedford-Stuyvesant, Brooklyn, PincusCo. Media reports. Bank Leumi USA provided the debt. The properties will have 161 units between them.
