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N.Y. Deal Sheet: Bessemer Trust Moves HQ To Sixth Avenue

The Rockefeller Group inked another massive lease at the former Time-Life building at 1271 Sixth Ave., one of the biggest real estate deals in New York City over the past week. 

TOP LEASES

N.Y. Deal Sheet: Bessemer Trust Moves HQ To Sixth Avenue
1271 Sixth Ave. in Midtown Manhattan

The Bessemer Trust inked a deal to take 239K SF at 1271 Sixth Ave., the landlord, Rockefeller Group, announced Tuesday. The new lease means Bessemer will move from 630 Fifth Ave. in 2021 and occupy the Midtown skyscraper's top seven floors.

The building, undergoing a $600M facelift, is now 70% occupied. Bessemer will be joining tenants like law firm Latham & Watkins, Mizuho Americas and Major League Baseball.

Asking rents were not made public. Cushman & Wakefield teams led by John Cefaly and Peyton Horn represented Bessemer. Rockefeller was represented by an in-house team, led by Ed Guiltinan, alongside CBRE’s Mary Ann Tighe, Howard Fiddle, John Maher, Dave Caperna, Evan Haskell and Sarah Pontius.

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WeWork inked a deal to take 60K SF at L&L Holding Co. and PGIM Real Estate’s 511 West 25th St., The Real Deal reports. The coworking giant, the city’s biggest office tenant, now takes floors two through nine at the building.

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Coworking firm Spaces continued its Manhattan expansion plan, signing up for 99K SF at 787 11th Ave. Georgetown Co. and Bill Ackman own the building, and asking rents in the deal were in the high $70s. CBRE’s Mary Ann Tighe, Evan Haskell, Ross Zimbalist, Arkady Smolyansky and Benjamin Joseph are representing the landlord in leasing the property. Spaces was represented by Mark Ravesloot, William Iacovelli and Peter Danna, also of CBRE.

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Music streaming service Spotify added 86K SF to its approximately 478K SF at 4 World Trade Center, Crain’s New York Business reports. The deal is a sublease from the Port Authority of New York and New Jersey, which has a large office footprint in the Silvertein Properties-owned skyscraper. The 15-year lease is for the 26th and 27th floors.

TOP SALES

N.Y. Deal Sheet: Bessemer Trust Moves HQ To Sixth Avenue
517 West 35th St.

Related has closed on its $96M Hudson Yards development site purchase. The property at 517 West 35th St. will be part of an apartment and office project Related is planning to build with Eliot Spitzer. The firm signed a contract for the site five years ago, and the purchase price works out to be $410 per buildable SF.

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Jonas Equities paid $31.9M to R&C Management for an apartment building at 2355 East 12th St., The Real Deal reports. The building has 121 units.

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Prime Group Holdings, a self-storage company, paid $26.5M for two properties in Queens, The Real Deal reports. The properties at 109-09 108th St. and 180-05 110th Ave. are next to each other and collectively span 106K SF. Cayre Equities is the seller.

TOP FINANCING DEALS

N.Y. Deal Sheet: Bessemer Trust Moves HQ To Sixth Avenue
The site at 125 Greenwich St.

The developers of the luxury condominium at 125 Greenwich St. scored $473M in financing from four separate banks, The Real Deal reports. The financing includes $395M from United Overseas Bank, Bank of China, China Merchants Bank and Wing Lung Bank. A $78M junior mortgage came from China Cinda. The project is being developed by Bizzi+Partners, New Valley and Cindat Capital Management.

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Lalezarian Properties scored $220M from the New York State Housing Financing Agency for 507 and 509 West 28th St., Commercial Observer reports. The financing replaces debt from the HFA, Wells Fargo and the city.

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RFR Realty scored $200M from the New York State Teachers’ Retirement System for 350 Madison Ave. and 10 East 45th St. The financing includes a $25M gap mortgage as well as $175M in existing debt, The Real Deal reports. The tower at 350 Madison Ave. is a 25-story office property and 10 East 45th St. is a retail property.

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HSBC provided $120M to Dermot Co. for its purchase of the Helux apartment complex at 520 West 43rd St. in Hell’s Kitchen, The Real Deal reports. The loan replaces a $55.8M Fannie Mae mortgage. The building is 35 stories tall and features 375 units. Dermot paid AEW $193M for the property.

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Chinese developer Jubao Xie locked down $137M from Ladder Capital to refinance his Holiday Inn at 99 Washington St. in Lower Manhattan. The financing for the 50-story, 492-room hotel comes in the form of a 10-year, fixed-rate loan, Mission Capital Advisors announced. Beau Williams, Ari Hirt, Steven Buchwald, Alex Draganiuk and Jamie Matheny of Mission Capital brokered the deal. 

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Deutsche Bank provided a $102.8M condo inventory loan to CBSK Ironstate for its project at 591 Third Ave., known as the Lindley. Maverick Commercial Properties’ Adi Chugh arranged the financing, The Real Deal reports. The 20-story building has 74 units.