This Week's NY Deal Sheet
Last week saw several high-profile leases and sales, like CalPERS’ $1.9B purchase of 787 Seventh Ave from AXA Financial. Here are the week’s top deals in leases, sales and financing.
Ad agency Droga5 is doubling its office space at Silverstein Properties’ 120 Wall St (pictured) by adding 110k SF to its lease. Asking rents were reportedly in the mid-$50s per SF. JLL’s Ken Siegel and Howard Hersch repped Droga5, while Silverstein’s Roger A. Silverstein and Joseph Artusa repped the landlord.
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Leatherwear designer Bottega Veneta is moving its headquarters to the Broad Financial Center at 33 Whitehall St, signing a 10-year lease for roughly 17k SF with Stawski Partners. Meanwhile, fashion house Brioni signed a 10-year lease for 8.5k SF in the same building. Both Brioni and Bottega are owned by Kerig. Asking rents were reportedly in the $55 per SF range, and Brian Higgins, Chris Kraus and Charles Gerace of JLL represented the Kerig companies, while CBRE’s Jonathan Cope and Edward Goldman repped the landlord.
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Luxury department store Barneys New York has signed a lease for 71k SF to renew and expand its 575 Fifth Ave headquarters, with landlords MetLife and Beacon Capital Partners. Ross Perlman of Newmark Grubb Knight Frank repped Barneys, while CBRE’s Keith Caggiano, Gregg Rothkin and David Caperna repped the landlord.
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Silvercrest Asset Management Group has renewed its 42k SF lease at RXR Realty’s 1330 Avenue of the Americas for 11 years. Asking rents were reportedly in the $135 range. Eric Reimer of Cushman & Wakefield repped Silvercrest, while RXR’s William Elder and Lauren Ferrentino repped the landlord.
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Equinox Fitness has renewed its 28k SF lease at Paramount Group’s 1633 Broadway for 20 years. Paramount’s Ted Koltis repped the landlord.
TOP SALES
AXA Financial has sold 787 Seventh Ave (pictured) to CalPERS for $1.9B.
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Equity Residential has sold the RiverTown condo tower to Slate Property Group and GreenOak Real Estate for $390M.
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Ruben Cos has acquired 1700 Broadway, the firm’s longtime HQ, from The Shubert Foundation for $280M
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Marriott Vacations Worldwide has purchased the Strand Hotel at 33 W 37th St for $105M.
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World Wide Group has bought 110 Green St from Meadow Partners for $103M, setting a record for residential properties in the Greenpoint neighborhood.
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Israeli-Russian billionaire Boris Kuzinez has purchased 260 Fifth Ave from Renaissance Properties for $59M.
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Cubesmart LP has bought 851 Neptune Ave from 809 Neptune Ave LLC for $48.5M.
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Pinnacle Group has purchased 142-20 Franklin Ave from Apple Core Holdings and two of its principals for $43M.
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Heights Broadway LLC has purchased 4320 Broadway from Washington Heights Parking LLC for $26M.
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H Hotel LLC has purchased 58 W 39th St from Six-O Realty Corp for $25M.
Sales data courtesy of Reonomy.
TOP FINANCING DEALS
An entity listed as WFP Tower B Co closed on a $900M loan with Wells Fargo for the property at 225 Liberty St (pictured).
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An entity listed as FSP 787 Seventh LLC—likely CalPERS—has closed on a $780M loan with Deutsche Bank for the property at 787 7th Ave.
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An entity listed as WFP Retail Co—likely Brookfield Property Partners—has secured a $325M loan from Deutsche Bank for the office tower at 250 Vesey St, which is owned by Brookfield.
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Haymes Investment has closed on a $260M loan from Barclays Bank for its property at 5 Penn Plaza.
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An entity listed as River Tower Owner LLC—likely Slate Property Group and/or Greenoak Real Estate—has secured a roughly $250M loan from Breds II Mortgage Corp for the property at 420 East 54th St.
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Ruben Cos has secured a $245M mortgage loan from Prudential Mortgage Capital Co for 1700 Broadway.
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An entity listed as 54M 33W37 LLC—likely Marriott Vacations Worldwide—has secured a $104M loan from Rest-NY LLC for the Strand Hotel at 33 West 37th St.
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An entity listed as 615 Building Co has secured a $90M loan from First Republic Bank for the property at 800 5th Ave.
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An entity listed as QPN 1 DE LLC has secured a $75M loan from Deutsche Bank for the property at 41-54 22nd St in Queens.
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An entity listed as 136 Madison LLC has secured a $60M loan from John Hancock Life Insurance Co for the property at 136 Madison Ave.
Financing data courtesy of Reonomy.