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]
Posts Tagged ‘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]
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]
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]
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 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, 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.
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]