The Real Deal New York

Jones Lang LaSalle to manage former Macklowe building

June 01, 2009 04:49PM
By Adam Pincus

Full-service commercial real estate firm Jones Lang LaSalle was tapped to take over the management and leasing of the former Macklowe Properties Midtown building 1330 Avenue of the Americas, Jones Lang LaSalle told The Real Deal.
 
Macklowe had been the owner and manager of the 40-story property before losing it in a mezzanine foreclosure auction April 22 to the senior mezzanine lender, Otera Capital, a division of a Canadian pension fund.
 
Macklowe bought the property, which spans the block between 53rd and 54th streets, in 2006 for $498 million. Otera picked it up for $240.1 million, through the assumption of a $240 million first mortgage and a $100,000 bid for the mezzanine note.
 
Jones Lang was picked by CWCapital Asset Management, on behalf of Otera, to lease and manage the 525,000-square-foot building which has 140,000 square feet available for lease, the management company said in a statement.

Peter Riguardi, president of the firm’s New York office, said: “1330 Avenue of the Americas offers a unique opportunity for prestigious small to mid-size tenants to obtain top quality office space with expansive views of Central Park from the upper floors and the Sixth Avenue streetscape from the lower floors.”
 
Current tenants in the building include jeweler Harry Winston and financial firm Silvercrest Asset Management Group.
 
Experts predict more shuffling of operators in Manhattan even in buildings without forced sales bringing changes in ownership.
 
“I think you will see landlords become impatient if they don’t get the results they are seeking,” said David Arena, president of full-service firm Grubb & Ellis New York.
 
Other buildings that recently switched managing agents include 1540 Broadway, another former Macklowe Properties building. CB Richard Ellis Investors bought it in March and CBRE is now the leasing and management agent, said a company spokesperson.
 
A building owned by Joseph Moinian at 475 Fifth Avenue that is being taken over by his lender Barclays Capital will change management hands as well. The building agent under Moinian was Cushman & Wakefield, according to commercial leasing site MrOfficeSpace.com. Once Barclays takes control, management, leasing and construction will be handled by L&L Holding Company, said Robert Lapidus, president and chief investment officer of the management firm. 

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