This Week's NY Deal Sheet
Mack-Cali’s changing up its top leadership. Mitch Rudin will be the new CEO and Michael DeMarco is coming on board as president and COO.
Mitch (above, with Jared Kushner) most recently served as president and CEO for US commercial operations at Brookfield. Before that, he was CBRE’s Tri-State head. Michael’s background is in investment banking, capital markets and restructuring operations, and he's served in executive roles at Fortress Investment Group, Lehman Brothers and Vornado. Mitchell Hersh announced last year that he’d be retiring as CEO after 16 years. Mitch Rudin’s appointment confirms rumors first reported last month.
MORE EXEC MOVES
Avison Young has brought Michael Hammerslag (above) on as a principal and senior director of Tri-State consulting and research. Michael’s most recent role was as a managing director at Savills Studley, where he led a financial consulting team. Michael’s also taught real estate finance at Cornell, SUNY Oneonta and NYU.
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Stroock & Stroock & Lavan is hiring eight new attorneys in its NY and DC offices. In the firm’s New York office, Marc Hurel will come on board as a partner. Richard Cohn, Jonathan A. Cohn, Joseph F. Miller, Hala M. Sibay and Kelly Booker are among the recruits.
SALES
Savanna sold 1375 Broadway, a 510k SF office building in Midtown, to Westbrook Partners for $310M. Eastdil Secured’s Adam Spies, Douglas Harmon, Joshua King and Adam Doneger, alongside Savills Studley’s Woody Heller, Will Silverman and Eric Negrin, repped Savana. The Eastdil half of the seller rep team also repped the buyer.
Extell has picked up the remaining development rights for City Point (rendered above) in Downtown Brooklyn from Acadia Realty Trust and Washington Square Partners, for $115M, or about $217/BSF. It’ll be Extell’s first venture in Brooklyn.
LEASES
AlixPartners signed a 12-year lease for 65k SF at 909 Third Ave. CBRE’s Silvio Petriello, Ben Friedland and Mike Wellen repped the tenant. CBRE’s Howard Fiddle, Anthony Dattoma and Evan Fiddle repped subleaser Actavis.
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American Century Investment Management signed a 41k SF lease at Vornado's 330 Madison Ave. CBRE’s Joseph Fabrizi, Michael Wellen, Sam Seiler and Zach Weil repped American Century. JLL’s Frank Doyle and David Kleiner repped Vornado alongside an in-house team of Glen Weiss and Andrew Ackerman.
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Co-working space provider The Yard signed a 15-year lease for 33k SF at 246 Fifth Ave. Savills Studley’s Evan Margolin and Lance Leighton repped The Yard. HH Realty Equities principal Ariel Akkad repped the landlord in-house.
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Norges Bank, Norway’s Central Bank, signed a new lease that’ll expand its NYC HQ at 505 Fifth Ave to 32k SF, up from 10k SF. Norges was repped by CBRE’s Silvio Petriello and Nicholas Weld. JLL’s Paul Glickman and Diana Biasotti repped the landlord, Fifth @ 42nd LLC.
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Chipotle Mexican Grill signed a 9k SF lease at Industry City. Winick Realty Group’s Diana D. Boutross repped Chipotle. An Industry City in-house team repped I.C. owners Belvedere Capital, Jamestown and Angelo Gordon, Cammeby’s International and FBE Ltd.
Stanford University signed a 6k SF lease for its first NYC-based academic program at 915 Broadway. Newmark Grubb Knight Frank’s Aaron Maltz repped Stanford. Jay Caseley, Carol Sacks and Alex Kaskel repped landlord ABS Partners in-house.
FINANCE
L&L Holding Co. and Green Oak Real Estate closed on a $556M loan from MassMutual Financial Group for its office tower development at 425 Park Ave.
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MetLife closed on a $70M loan to an affiliate of Macdonald & Cle for a refi of 48 Wall St. The 15-year loan ticks in at an LTV ratio of 54%.
