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Extell gives up net lease on four former Ring buildings
Kaufman and Principal to spend $34M renovating the buildings
Extell boss Gary Barnett has closed on the net lease on four of the 13 buildings in Manhattan South real estate portfolio the firm acquired from Frank Ring earlier this year.
The Kaufman Organization teamed with Iowa-based Principal Real Estate Investors to acquire the 99-year ground lease on properties totaling 341,000 square feet. The duo was in advanced talks for the lease last month, in a deal worth about $150 million, as The Real Deal reported. The lessees intend to pay $34 million for a renovation on the buildings, including 19 West 24th Street, 119-125 West 24th Street, 13-15 West 27th Street and 45 West 27th Street.
Kyle Elfers represented Principal in-house, while Michael Kazmierski, Grant Greenspan and Fred Leffel represented Kaufman in-house. Prince Realty Advisors’ David Ash also represented Principal and Kaufman.
In January, Extell paid $308.2 million for Frank Ring’s 50 percent stake in 13 buildings, mostly located in Midtown South, as The Real Deal reported. [WSJ] — Mark Maurer