News
PERSHING PARK PLAZA OFF THE MARKET
January 5, 2011
| It's nearly full and cash flowing. It has a major law firm as a primary tenant until 2020. Yet, owners of Pershing Park Plaza have taken the Midtown office building off the market to pursue ?alternatives,? sources tell us. |
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| We drove by and took this of the building. At this point, owner ELV is still considering selling to one of an undisclosed number ofinterested buyers, or instead may hold the property and refinance.Bisnow reported late last year that Eastdil Secured was tapped to sell the property for ELV. Officials with the firm declined to comment and officials with ELV didn't return calls. Pershing Park Plaza's largest tenant is the law firm Jones Day, which occupies nearly 140K SF of the almost 160K SF Class-A building and its lease expires in 2020, according to info collected by Trepp. ELV also has a $29.5M loan on the building that matures in 2011, also according to Trepp data. |
