IDEAS INTO ACTION
We are so honored to be
a recipient of
BEST DEAL OF THE YEAR.
For more information about our
affordable housing work, visit us
online at www.pah.community
BUILDING STORIES THAT MATTER
Palo Alto Housing is committed to
providing equal service to everyone.
based legal team consisted of lead partner Paul Meyer; partners
John Huff, Anne Marie Konopack, Patrick Mcnerney; counsels
Michelle Dohra and Stephen Macdonald; and associates Jonathan
Baker, Bhavna Swaroop, Michael Loquercio and Kathleen
Philippart. Doug Harmon and Adam Spies of Cushman &
Wakefield represented SL Green in this transaction.
SL Green was active on the buyer side of another huge
Manhattan deal. Along with partner RXR Realty LLC, it acquired
a 49% stake in in One Worldwide Plaza. The seller was New York
REIT, which upped its stake in the mixed-use property earlier in
the year from 49% to 99% by exercising an equity option. The
deal values the 1.8-million-sf asset, located at 825 Eighth Ave. in
Manhat-tan’s Hell’s Kitchen neighborhood, at $1.7 billion.
A Skadden legal team led by Harvey Uris, global head of real
estate, and Daniel Medalie, counsel, advised SL Green and RXR
in the acquisition and the some $1.2 billion in associated debt
refinancing. According to published reports, the loan was securi-tizrd in a single assert transactrion led by Goldman Sachs.
In Lower Manhattan, Skadden represented Singapore-based
sovereign wealty fund GIC in its $1-billion acquisition of 60 Wall
St. in a 95%-5% JV with Paramount Group Inc., which tapped
Fried Frank as its own counsel. The class A FiDi tower consists of
1. 6 million square feet in 47 stories.
Led by Chicago real estate head Nancy Olson, Catherine Danz,
counsel, and David Polster, Chicago tax partner, the Skadden team
also helped secure $575 million in financing for the acquisition.
The Fried Frank team, led by Jonathan Mechanic, John Bibona,
Lee Parks, Avi Feinberg, Christopher Roman and Richard Wolfe,
included the firm’s Andrew Falevich, Josie Morris, Luis Murguia,
Candice Pueschel, Ste-ven Czurlanis and Gilmar Colonia.
Another Asian buyer—Hong Kong-based GAW Capital—paid
$340 million, or more than $1 million per key, for a boutique
hotel in the city’s Meatpacking District. A partnership of Andre
Balazs Properties and Dune Capital Management sold the 338-
room Standard Hotel under an LLC named AB Green Gansevoort.
The deal marked the Hong Kong-based investor’s first major New
York City acquisition. Located at 848 Washington St. along the
High Line, the property reportedly sold at a discount to its prior
valuation of $400 million, established in a 2014 would-be deal
that never came to fruition.
A FOREIGN PLAYER VENTURES NORTH
Manhattan wasn’t the only market attracting foreign investors.
a Tokyo -based Mori Trust chose Boston for its first US investment,
paring $673 million for a trophy asset within Liberty Mutual’s
Boston headquarters campus. Located at10 St. James and 75
10 St. James