The Real Deal New York

Posts Tagged ‘11 madison avenue’

  • Marc Holliday and 11 Madison Avenue

    Marc Holliday and 11 Madison Avenue

    SL Green Realty’s $2.6 billion purchase of 11 Madison Avenue dominated the real estate investment trust’s second quarter earnings call Thursday, with CEO Marc Holliday describing the property as a “serious, serious office building” that will allow the company to capitalize on high market rents in Midtown South.

    The REIT’s acquisition of the 2.3 million-square-foot property from the Sapir Organization and CIM Group is expected to close in August and made waves as one of the largest real estate deals in the city’s history. [more]

  • From left: 120 West 45th Street, SL Green's Marc Holliday and 131-137 Spring Street

    From left: 120 West 45th Street, SL Green’s Marc Holliday (credit: Steve Friedman) and 131-137 Spring Street

    SL Green sold stakes in two Manhattan office properties for a combined $587 million in an attempt to free up cash for its blockbuster purchase of 11 Madison Avenue. [more]

  • From left: Marc Holliday and 11 Madison Ave

    From left: Marc Holliday and 11 Madison Ave

    SL Green Realty intends to sell at least $1.1 billion worth of properties over the coming months to finance its acquisition of 11 Madison Avenue, according to documents filed with the Securities Exchange Commission  Tuesday.

    The real estate investment trust went into contract to buy the 2.3 million-square-foot Art Deco office tower in NoMad for $2.6 billion — $2.29 billion plus $300 million in lease-stipulated building improvements — from CIM Group and the Sapir Organization last month. The deal is expected to close in the third quarter, giving SL Green several months to secure financing. [more]

  • 11 Madison Avenue

    From left: Marc Holliday, 11 Madison Avenue in the Flatiron District and Alex Sapir

    SL Green Realty is set to acquire the Sapir Organization and CIM Group’s 11 Madison Avenue office tower for $2.6 billion in one of the largest real estate deals in the city’s history. [more]

  • Sapir 11 Madison

    Alex Sapir and 11 Madison Avenue

    The Sapir Organization and CIM Group have placed their Art Deco office tower at 11 Madison Avenue on the market.

    The two entities own the 29-story, 2.2 million-square-foot building, located next to Madison Square Park, through a partnership. They previously put the property up for sale in 2012, eventually pulling it off the market when they could not get the $1.5 billion asking price. [more]

  • From left: Jeremy Stoppelman and 11 Madison Avenue

    From left: Jeremy Stoppelman and 11 Madison Avenue

    Yelp has signed a 10-year lease at 11 Madison Avenue, a deal that was first reported by The Real Deal. [more]

  • 11 Madison Avenue

    11 Madison Avenue

    William Morris Endeavor, the Hollywood agency that represents clients such as Justin Timberlake, Hugh Jackman and Emma Stone, signed a lease to move into 11 Madison Avenue.

    The agency is taking the entire 18th floor, or about 70,000 square feet of space. Sony will also be moving into the 2.3 million-square-foot building, which is owned by Alex Sapir and Rotem Rosen of the Sapir Organization and the CIM Group. Yelp is in talks to move in as well. [more]

  • Yelp CEO Jeremy Stoppelman (Credit: Business Insider) and 11 Madison Avenue (Credit: CoStar Group)

    Yelp CEO Jeremy Stoppelman (Credit: Business Insider) and 11 Madison Avenue (Credit: CoStar Group)

    Yelp, the online review website used by millions of New Yorkers and tourists to navigate the Big Apple, is finalizing a 140,000-square-foot office in the city, The Real Deal has learned. The company is in advanced discussions with the Sapir Organization and CIM Group to take the entire 14th and 16th floors of the 30-story tower at 11 Madison Avenue, located between 24th and 25th streets. [more]

  • Credit Suisse considers new Manhattan home

    February 14, 2013 11:30AM

    11 Madison Avenue

    Credit Suisse, which currently lease approximately 3 million square feet in Manhattan, is looking to downsize. According to the Wall Street Journal, the Swiss bank recently contacted a select set of landlords and developers, including  Related, Silverstein Properties and Brookfield Office Properties, seeking interest and proposals to build or lease a new home for the company. However, Credit Suisse’s lease at Madison Square Park’s 11 Madison Avenue runs through 2017 and the building’s ownership is currently working to secure a renewal from the bank. [more]

  • 11 Madison Avenue

    The owners of 11 Madison Avenue have decided not to sell the Midtown South office building, and are concentrating on renewing major tenant Credit Suisse’s lease instead, Crain’s reported. The Sapir Organization and CIM Group had been looking to sell the 2.2-million-square-foot tower for $1.5 billion, which could have been one of the city’s largest office sales to date.

    Though Sapir and CIM had apparently generated lucrative offers for the property, between East 24th and East 25th streets, the owners said they would generate higher profits by renewing a lease with Credit Suisse, which occupies more than three-quarters of the building. The lease expires in 2017. [more]

  • Click to enlarge

    From the October issue: After a lackluster start to the year, the fall selling season for the priciest Manhattan buildings and development sites — those with price tags of $100 million and up — has kicked into high gear with a rush of properties recently hitting the market.

    Those listings, which total more than $5 billion, include two buildings — 11 Madison Avenue and 825 Eighth Avenue, also known as Worldwide Plaza — that are expected to fetch more than $1 billion each. If either sells before Dec. 31, it would easily break the record for the most expensive sale of the year. [more]

  • Two $1.5B asks test Manhattan office market

    September 24, 2012 09:30AM

    Worldwide Plaza

    Manhattan office towers are once again reaching for stratospheric prices, Crain’s reported. Two office buildings — Worldwide Plaza and 11 Madison Avenue — have hit the block in the last week asking figures around $1.5 billion, underscoring the demand for trophy properties in Manhattan.

    The average price for a Manhattan office building hit $661 a square foot in the first half of 2012, up 33 percent year-over-year, according to figures from commercial brokerage Cushman & Wakefield, Crain’s noted. [more]

  • Sapir CEO Alex Sapir (top), CBRE’s Darcy Stacom (bottom) and 11 Madison Park

    The 2.3 million-square-foot office tower at 11 Madison Park is set to hit the market seeking a sales price of $1.5 billion, the Wall Street Journal reported. CIM Group and the Sapir Organization have tapped a CBRE Group team led by the firm’s vice chairwoman, Darcy Stacom.

    Sapir bought the building in 2003 for $675 million; in 2010 CIM Group purchased a 49 percent stake in the property for $469 million. The building is about 80 percent occupied by Credit Suisse, which pays a below-market rental rate of $19 per square-foot. That lease expires in 2017. [more]

  • Fitch downgrades 11 Madison, other loans

    February 17, 2012 08:19PM

    11 Madison Avenue

    Fitch Ratings today downgraded nine classes of a $3.9 billion pool of loans led by 11 Madison Avenue, a 29-story office tower and U.S. headquarters for Credit Suisse.

    Fitch said the 11 Madison loan, representing 20.7 percent of the pool, may default upon maturity as pro-forma cash flow that was predicted will be difficult to achieve. Fitch said that while the loan is currently performing, asking rents have fallen below the expected amounts when the loan was originated. [more]

  • William Beaver House to go partly rental

    December 16, 2010 09:34PM

    Rodrigo Nino of Prodigy International and the William Beaver House

    William Beaver House, the André Balazs-designed Financial District condominium that was just bailed out by the Los Angeles-based CIM Group, is going partially rental under its new ownership.

    The 333-unit tower, which had been facing a foreclosure lawsuit prior to the takeover, was part of a three-piece deal in which CIM agreed to buy the debt on two troubled Sapir Organization buildings (Trump Soho and Beaver House) and take an equity stake in another (11 Madison Avenue), sources said. As the Wall Street Journal reported earlier today, CIM purchased the loan on over 200 unsold condos at the Beaver House and subsequently took ownership through a deed-in-lieu of foreclosure.

  • CIM picks up 11 Madison stake

    December 16, 2010 11:07AM
    alternate text
    11 Madison Avenue and Tamir Sapir

    Los Angeles-based investment firm CIM Group has picked up an equity stake in yet another Sapir Organization-developed property, 11 Madison Avenue, according to the Wall Street Journal. The news comes on the heels of CIM’s deal to purchase a stake in both the Trump Soho and William Beaver House. CIM is buying the property, which overlooks Madison Square Park and serves as the headquarters for Credit Suisse, for an undisclosed amount. … [more]