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[18 Apr 2014 | No Comment | ]
Law firm leases 440,000 s/f at Rockefeller Group’s McGraw-Hill Building

The Rockefeller Group today announced that White & Case LLP, a law firm with operations in 26 countries, has signed a 440,000 square foot long-term lease for its New York office at 1221 Avenue of the Americas. The leased space includes the top floors in the building, as well as below grade space. The firm will relocate to 1221 in 2017.
The firm plans to remain on Sixth Avenue in a move north to one of Rockefeller Center’s premier office towers. Located between West 48th and West 49th Streets, 1221 Avenue of the Americas was developed by The Rockefeller Group in the modern expansion of Rockefeller Center to the west side of Sixth Avenue.

The tenant was represented by Ken Siegel, Tom Doughty and Lisa Kiell of Jones Lang LaSalle. The Rockefeller Group was represented by an in-house team led by Ed Guiltinan, along with a Cushman & Wakefield brokerage team led by Executive Vice Chairman John Cefaly.

Brokers Weekly, Photo Gallery »

[18 Apr 2014 | No Comment | ]

Photos by Syd London
Tom Postilio and Mickey Conlon, stars of HGTV’s Selling New York and leaders in New York real estate with CORE hosted the  Bailey House Gala & Auction at Pier 60 at Chelsea Piers on March 27. The Gala honored the heroism of individuals and organizations that help further the Bailey House mission of providing housing and services for people living with HIV/AIDS and advocating on their behalf. Honorees included: Jason Sheftell, a respected real estate correspondent who changed hearts and minds through his moving articles about Bailey …

Construction & Design »

[16 Apr 2014 | No Comment | ]

PRD Realty Corp. has begun a capital improvement program at its 38 East 29th Street commercial property.
Expected to be complete in summer 2014, the program includes renovations to the façade and lobby, along with new building entrances and elevators.
Envisioned by architectural firm Durukan Architecture & Design, the new lobby will feature a custom steel chandelier, exposed brick, concrete floors and a seating niche.
38 East 29th Street, located between Park Avenue South and Madison Avenue, has been owned and operated by PRD Realty Corp. for approximately 30 years.
The 10-story building totals …

Deals & Dealmakers »

[16 Apr 2014 | No Comment | ]

Cushman & Wakefield announced that Cohen Brothers Realty Corporation has appointed the firm as exclusive leasing agent for 135 East 57th Street, an office and retail tower in the Plaza District.
135 East 57th Street is a 340,000 s/f, 32-story granite clad building designed by Kohn Pedersen Fox.
The building features a two-story lobby and state-of-the-art infrastructure, eight high-speed passenger elevators and 24 hour, 7-day-a-week lobby attendance.
The building has virtually unobstructed floor space in four sizes: 17,885 s/f, 13,260 s/f, 12,972 s/f and 7,255 s/f. A Cushman & Wakefield team of Robert …

Deals & Dealmakers »

[16 Apr 2014 | No Comment | ]
Rose plants extended stay flag at 70 Pine

Rose Associates and DTH Capital, the owners of 70 Pine Street, have selected Furnished Quarters to operate a hotel within the building.
Furnished Quarters will manage 132 extended stay hotel apartments on four floors of the 66-story, landmarked property that is being transformed into a full-service residential rental building.
The projected opening date for the hotel will be fall 2014. The units are full-sized apartments complete with kitchens, and will average 800 s/f — nearly three times the size of a standard New York hotel room.

Deals & Dealmakers »

[16 Apr 2014 | No Comment | ]

Commercial Mortgage Capital arranged a $16.05 million, 10-year, 30-year amortization on a fixed rate, non-recourse loan for Independence Realty’s multi-tenant flex portfolio in Tampa, FL, which consists of Brandywine Business Center, Corporex Plaza and President’s Plaza.
The three-building, 95,761 s/f Corporex Plaza is situated on 6.55 acres and is fully occupied by tenants that include Inspectorate, Honeywell International, Ecolab GCS and Rauland-Borg.

Deals & Dealmakers »

[16 Apr 2014 | No Comment | ]

Berkadia Commercial Mortgage arranged $43.9 million for two skilled nursing facilities in Nassau County and Dutchess County, N.Y.
Vice President Jay Healy of Berkadia’s Seniors Housing and Healthcare group worked with the owner of both properties to secure the fixed-rate financing.
Healy secured a 12-year term extension and closed a 29-year, six-month loan through HUD’s 232/223(a)(7) program for a 280 bed facility in Nassau County.
He also facilitated a note modification through HUD for a five-story building in Dutchess County.
The two transactions resulted in combined debt service savings of over $1.7 million for …

Finance & Accounting »

[16 Apr 2014 | No Comment | ]

CBRE Capital Markets’ Debt & Structured Finance team secured $111 million in senior financing and a $30 million mezzanine loan for The Plaza Buildings, two Class A office buildings totaling 489,647 s/f in Bellevue, Washington.
CBRE worked on behalf of KBS Capital Advisors to secure the senior floating rate loan from Wells Fargo and the mezzanine loan from Principal Capital Management.
The loans were arranged to provide acquisition financing for the project and are both three-year initial term loans with two, one-year extension options.
CBRE’s Val Achtemeier arranged both loans on behalf of …

Deals & Dealmakers »

[16 Apr 2014 | No Comment | ]

New York and London have been named as leading international cities in a new report from international real estate adviser, Savills.
The firm classes cities on their prominence and fame, as well as economy and size; factors that will determine the cross-border investability of their real estate and their future as well as their current ‘world class’ city status.
In 12 Cities, the Savills ‘X-Factor’ world city characterisation looks at a combination of global competitiveness, together with measures such as connectivity, international visitors and web search data, to determine overall world city …

Deals & Dealmakers »

[16 Apr 2014 | No Comment | ]
SELLING POINTS: Massey Knakal, HAP Investments, Madison Realty Capital

●Studley / Massey Knakal
Charity to sell historic PAS property

The Federation of Protestant Welfare Agencies (FPWA), located at 281 Park Avenue South, has placed its historic headquarters up for sale with a $50 million price tag.
“Selling the building provides a tremendous opportunity to reinvest in the organization in ways that will enhance our ability to tackle social issues that affect the poor and working poor, and to support our member agencies,” said CEO/executive director Jennifer Jones Austin.

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