This Week's NY Deal Sheet
Just hours ago, McGraw Hill Financial announced it will renew its mammoth 900k SF lease at the suitably huge 55 Water St, keeping its status as the biggest tenant in the biggest office building in Manhattan. Here are the rest of the week's biggest leases, sales and financing deals:
TOP LEASES
McGraw Hill Financial has renewed its 900k SF lease at New Water Street Corp’s massive 55 Water St. The 4M SF office building is currently undergoing a $100M upgrade. CBRE's Howard Fiddle, Dave Caperna, Brad Gerla, Evan Haskell and Mary Ann Tighe repped the landlord, while CBRE's Cara Chayet, Michael Liss, Ken Meyerson, Paul Myers and Ramneek Rikhy repped McGraw Hill.
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Millennial-centric media company Mic has signed a 10.5-year deal for 36k SF at the Durst Organization’s 1 World Trade Center, for the entire 82nd floor. Asking rent was between $80/SF and $100/SF. Mic began looking into the space last December. Transwestern’s Rory Murphy, Lindsay Ornsetein and Jonathan Tootell repped the tenant, while the landlord was repped by Durst’s Eric Engelhart and a C&W team led by Tara Stacom.
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Underwear designer Tommy John has inked a deal for 17,600 SF at Northwood Investors’ 100 Broadway. Asking rent was in the mid-$50/SF range. C&W’s Alan Wildes and Jonathan Fein repped the tenant, while NGKF’s Hal Stein, Andy Peretz, Travis Wilson and Courtney Adham repped the landlord.
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The nonprofit Women’s Refugee Commission has signed a 10-year deal for 8,905 SF at Kamber Management Co’s 15 West 37th St. Asking rent was in the range of $40/SF. C&W’s Daniel Organ and Carri Lyon repped the tenant, while Kamber’s Steven Levy repped the lanlord in-house.
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Financial consumer services firm Bankrate has inked a 10-year deal for 24k SF at Rudin Management Co’s 1675 Broadway. Asking rent was $75/SF. Savills Studley’s Stephen Berliner, Scott Weiss, Peter Cipriano and Brad Wolk repped the tenant, while Rudin’s Robert Steinman repped the the landlord in-house.
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Discount women’s apparel manufacturer Notations has signed a seven-year sublease for 25k SF at Olmsted Properties’ 525 Seventh Ave. Asking rent was roughly $59/SF, and Notations signed the sublease with fashion firm Jones New York. Savitt Partners’ Marc Schoen, Brian Neugeboren and Michael Schoen repped Notations, while JLL’s Amanda Bockman, Kevin West and Frank Doyle repped Jones.
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Guildnet, the insurance affiliate of healthcare provider Lighthouse Guild, has signed a 10-year deal for 38k SF at Empire State Realty Trust’s 250 West 57th St. CBRE’s Brian Gell and Laurence Briody Jr. repped the tenant, while ESRT’s Keith Cody and C&W’s Harry Blair and Sean Kearns repped the landlord.
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Job-hunting platform The Muse has signed a 10-year, 18k SF lease at Westbrook Partners’ 1375 Broadway. Asking rent was $65/SF. Lee & Associates NYC’s Dennis Someck and Justin Meyers repped the tenant, while CBRE’s Paul Amrich, Neil King, Patrice Meagher and Meghan Allen repped the landlord.
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Fabrics and furnishings firm Robert Allen Group has signed a seven-year deal for 26k SF at Broad Street Development’s 80 Broad St. RAG had previously been subleasing the same space from Aegis Communications. Asking rent was in the high-$40/SF to mid-$50/SF range. C&W’s Jonathan Fein and Joseph Cirone repped the tenant, while BSD’s Ramona Huegel and David Israni repped the landlord in-house.
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East West Bank has signed a deal for 9,900 SF at Jack Resnick & Sons’ 485 Madison Ave. Asking rent was near $54/SF. Adams & Co’s David Levy and Jeffrey Buslik repped the tenant, while Resnick’s Dennis Brady and Fran Delgorio repped the landlord in-house.
TOP SALES
The Howard Hughes Corp has finalized the sale of 80 South St, first announced last summer, to China Oceanwide Holdings for $390M. COH plans to erect a 1,463-foot mixed-use tower on the site.
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Madison Realty Capital and USAA Real Estate Co have purchased 160 East 48th St, a 16-story rental building better known as The Buchanan, from Rao & Rao LLC for $270M. A $41M reposition is planned that will add retail space and refurbish the apartments.
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A partnership of Cove Property Group, Multi-Employer Property Trust and Bentall Kennedy has purchased 2 Rector St for $225M, from CIM Group and Kushner Cos. CIM and Kushner picked up the property in 2013 for $140M.
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S.W. Management has purchased 250 East 63rd St for $180M and 355 East 72nd St for $130M. The properties were owned by Eastwood Towers Co and Blair House Properties, both of which Aghadjan Elghanayan had been a principal at.
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Westbrook Partners and RXR Realty have purchased 47 Hall St, a 550k SF property south of the Brooklyn Navy Yard, from a partnership that includes Cammeby’s International, Eli Fruchtandler and Bruce Federman for $161M.
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Greystar Real Estate Partners has purchased 247 North 7th St and 248 North 8th St, both new rental developments in Williamsburg, from Adam America Real Estate for $125M.
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China Vanke, the largest residential developer in China, has partnered with Adam America and the Slate Property Group to purchase 45 Rivington St for $116M. The partners plan to turn the nursing home, formerly owned by nursing-care provider the Allure Group, into luxury condos.
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Fortuna Realty Group has purchased the Wyndham hotel at 37 West 24th St for $60M.
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Tishman Speyer has purchased 550 West 37th St, a plot in Hudson Yards, for $44M from an entity listed as 550 Associates LP.
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An entity listed as 248-250 Bedford NYT LLC has purchased 197 Berry St from North 3rd Berry St LLC for $31.9M.
Sales data courtesy of Reonomy.
TOP FINANCING DEALS
S.W. Management secured a $232M acquisition loan from Deutsche Bank for its recent purchase of the UES rental buildings at 355 East 72nd St (pictured) and 250 East 63rd St.
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The Lam Group has secured a $222M loan from Shanghai Commercial Bank, allowing it to proceed with plans to build a 465-key Virgin Hotel at 1227 Broadway in NoMad.
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MHP Real Estate Services and HNA Property Holding Group have secured a $203M mortgage from Blackstone Mortgage Trust for 1180 Avenue of the Americas.
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SL Green has closed on a $177M refinancing from the Bank of New York Mellon for 800 3rd Ave.
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The Alexico Group has secured a $115M loan from Bank of America for its property at 56 Leonard St.
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Greystar Real Estate has secured a $68M loan from Capital One for its recent purchase of 247 North 7th St and 248 North 8th St.
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Westbrook Partners and RXR Realty have secured a $64M loan from Starwood Property Mortgage for their recent purchase of 47 Hall St in Brooklyn.
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China Vanke, Slate Property Group and Adam America Real Estate have secured a $51M loan from Bank of the Ozarks for their recent purchase of 45 Rivington St.
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An entity listed as 102-106 Wooster LLC has secured a $50M loan from Apple Bank for Savings for 118 Wooster St.
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Premier Equities and Thor Equities have secured a $42M loan from an entity listed as NRFC Mercer Greene LLC for their property at 63 Greene St.
Financing data courtesy of Reonomy.
