From left: Darcy Stacom, William Shanahan and 325 Hudson Street
CBRE Group has landed another assignment to sell a major office building. According to the New York Post, Young Woo & Associates and San Francisco-based Bristol Group have selected CBRE’s executive vice chairmen, Darcy Stacom and William Shanahan, to market the 10-story, 240,000-square-foot property at 325 Hudson Street in Hudson Square.
The brokers expect a buyer to pay about $500 per square foot for the property, which the current ownership gut-renovated in 2001. The building is 95-percent leased, and houses Verizon, SUNY Empire College and Frog Design, among others.
“It’s sexy,” Stacom said. “It’s the right size deal with office and technology tenants.”
The property is fee simple and clear of debt, according to the brokers.
Shanahan and Stacom recently negotiated contracts for the sales of 10 East 53rd Street and 33 Maiden Lane, the Post noted, and are working on finding a buyer for 4 New York Plaza. [Post, 1st item]
January 25, 2012 at 11:34 am, markpropertyshark said:
4 Penn Plaza is FEE SIMPLE, 325 Hudson St. is not FEE SIMPLE. Please correct this.
January 25, 2012 at 2:26 pm, Adam Fusfeld/TRD said:
Taken in context from the Post story, it seems both Shanahan and Stacom said on the record that it was fee simple.
From the story:
“You don’t get fee simple and you don’t get free and clear of debt [much anymore],” said Stacom, referring to the upcoming sale of 325 Hudson.
Shanahan noted that “4 [New York Plaza] is also fee simple and clear of debt,” adding that they will take bids on that at the end of February.
Read more: http://www.nypost.com/p/news/business/realestate/commercial/cbre_pride_of_the_hudson_L5ktilJsPB2nwVVNwxmb0J#ixzz1kV2IVM4a
January 25, 2012 at 1:55 pm, RWeiss_CBRE | IPIG said:
Please disregard the above comment, it is incorrect – 325 Hudson Street is 100% FEE SIMPLE.