Georgetown, Bill Ackman Fund Acquire Ford Building for $250M
The Georgetown Co and an investment fund controlled by Pershing Square Capital Management head Bill Ackman joined forces to purchase 787 11th Ave from the Ford Motor Co for a little over $250M. The deal was brokered by a CBRE team led by Darcy Stacom and Bill Shanahan, and a $180M bridge loan was provided by a fund affiliated with JPMorgan Asset Management. The 11th Avenue site was purchased by the Ford Motor Co for $73M in 1997, the Commercial Observer reports. Ford renovated the eight-story, 464k SF building and put it on the market in March. Dealerships for Jaguar and Land Rover occupy the ground-floor retail space, and Bill's $18B hedge fund plans to move into the building. Further plans for the property were not made public, but apparently include a rooftop tennis court. [CO]
