Exchange Place shifted
from one institution
owner to another. A joint
venture of Allianz Real
Estate of America,
Beacon Capital Partners
and the Pension Reserves
Board paid $845 million
for the property at 53
State St. A fund managed
by UBS Asset
Management sold the
40-story tower, which
includes more than 1. 2
million sf of space that is
93% leased to a blue-chip rent roll.
Acting on behalf of
UBS, Newmark Knight
The same NKF capital markets team was behind the sale of Pier
4, a newly constructed trophy in the Seaport District. They were
joined in the deal by Samantha Hallowell, capital markets, as well
as Debra Gould and Tim Bianchi in leasing. NKF represented the
seller, Tishman Speyer, and procured the buyer, Common Wealth
Partners. The $450-million deal for the 372,372-sf office and retail
property marked the highest per-sf sale value ever achieved for a
single asset in Boston, at $1,208 per sf.
As expected, the Big Apple took the biggest bite of overall US
investment activity, with some $55 billion in sales throughout the
metro region. Among them was the $905-million sale of Spring
Creek Towers, the Brooklyn community formerly known as Starrett
City. A joint venture of Brooksville Co. and Rockpoint Group
bought the asset from Starrett City Associates, which was represented by Cushman & Wakefield’s Doug Harmon and Adam Spies.
The new owners of the 150-acre development, which is the largest
federally subsidized apartment complex in the country, plan to
keep the complex affordable.
Moving into Manhattan, 5 Bryant Park, a 683,000-sf office tower,
was involved in $1.1 million worth of transactions. The Blackstone
Group sold the asset for $640 million to Savanna. A JLL team led by
Peter Nicoletti and Anthony Ledesma arranged the purchase,
while Kellogg Gaine and Aaron Niedermayer led the JLL Capital
Markets team that secured $463 million in acquisition financing
for Savanna. The 34-story property includes 38,306 sf of retail and
is nearly 100% leased.
Qatari SWF subsidiary Katara Hospitality acquired the iconic
Plaza Hotel in Midtown for $600 million, or $2.6 million per room,
from a consortium of firms that included Dream Hotel Group and
Ashkenazy Acquisitions. JLL handled the sale of the luxury property.
A JV of Maefield Development and Fortress Investment Group
bought out its partners on 20 Times Sq., a 378,000-sf retail and hotel
development under way in the theater district, in a $1.5-billion deal.
The sellers included the Witkoff Group, Winthrop Realty Trust, Ian
Schrager and Vector Group.
The deal values the 42-story tower’s 452 hotel units, to be oper-
ated by Marriott’s Edition brand, at nearly $2 million each, and its
74,820-sf retail component at $8,177 psf. Natixis provided approxi-
mately $2 billion in acquisition financing and refinancing. Maefield
was advised by a Fried
Frank team of Jonathan
Mechanic, Avi Feinberg,
Fiona Kelly, Richard
Wolfe Team: Steven
Sultanik, Shelby Smith.
Also in Times Square,
SL Green Realty Corp.
sold a 43% interest in
1515 Broadway to Allianz
Real Estate in a deal that
values the 54-story,
1.9-million-sf class A tower
at $1.95 billion, or $1,045
per sf. Doug Harmon and
Adam Spies of Cushman
and Wakefield repre-
sented SL Green.
A partnership of L&L Holding Co. and Normandy Real Estate
Partners paid $900 for the Terminal Stores, a 1.3-million-sf former
warehouse in Midtown. The sellers were Waterfront New York and
GreenOak Real Estate Advisors, represented by CBRE’s Darcy
Stacom and Bill Shanahan represented the sellers.
Skadden’s David Nagler and Daniel Medalie acted as counsel
to Normandy. GreenOak’s legal team consisted of Janice Mac
Avoy, Jonathan Mechanic, Ross Silver, Andrew Colosimo, Patrick
Greeley, Brian Helweil and Joshua Katz. James Millon, Tom
Traynor, Ethan Gottlieb and PJ Finley, all with CBRE Debt &
Structured Finance, arranged $650-million acquisition financing
on behalf of the sponsorship.
The purchase price is triple the property’s valuation four years
ago, according to the Wall Street Journal. The previous owners spent
$50 million to renovate office and retail space at the property,
5 Bryant Park