Two prominent developers are in contract to sell a pair of Midtown South towers, one for almost $1,100 per square foot and one for roughly $770 per square foot. [more]
Posts Tagged ‘386 park avenue south’
Billy Macklowe is testing the frothy Midtown South office market with the 20-story 386 Park Avenue South, which some insiders think may trade for more than $200 million. That could nearly double the sale price from two years ago. [more]
William Macklowe Company and Principal Real Estate Investors agreed to lease more than 13,000 square feet at 386 Park Avenue South to California-based advertising technology firm the Trade Desk. [more]
Digital company NewsCred has inked a deal for over 13,000 square feet at William Macklowe’s 386 Park Avenue. [more]
Billy Macklowe is getting a new tenant for a Park Avenue South tower that he plunked down $120 million for, the New York Observer reported.
Impact Republic, an investment management firm, is taking 11,607 square feet on the 18th floor of Macklowe’s 386 Park Avenue South; asking rents in the building are between $50 and $60 per square foot. The tower is about eight blocks north of the start-up’s current offices at 235 Park Avenue South. [more]
Profero, a communications firm specializing in digital advertising and marketing, has signed a 13,121-square-foot lease at 386 Park Avenue South, between East 27th and East 28th streets, the New York Observer reported.
Sam King and Gerry Miovski of CBRE represented Profero in the long-term lease. Paul Amrich, Neil King, Ross Zimbalist and Kerry Powers, also of CBRE, represented William Macklowe Company and Principal Real Estate Investors, the landlord. [more]
While his father is busy planning the city’s next tallest residential tower up the avenue, William Macklowe has entered contract to purchase the office tower at 386 Park Avenue South, according to Crain’s. The sale will reportedly net majority owner Savanna and minority partner Monday Properties between $110 million and $120 million.
The 20-story, 260,000-square-foot building, at East 27th Street, is just 60 percent occupied, but Crain’s speculated that the remaining space wouldn’t be too difficult to fill considering its Midtown South location. [more]
From left: Nicholas Beinstock, a managing partner at Savanna, 100 Wall Street, 1375 Broadway and 5 Hanover Square (buildings source: PropertyShark)
New York City-based institutional real estate private equity firm Savanna Investment Management closed its second real estate fund with $550 million in commitments across six transactions totaling 2.2 million square feet. Real Estate Fund II included an all-cash purchase of the 330,000-square-foot tower at 5 Hanover Square where Savanna got a $47 million loan to recapitalize the 25-story office building. Also included in the fund were purchases at 386 Park Avenue South, 104 West 40th Street and 1375 Broadway, which it bought for just $263 per square foot, the senior mezzanine loan at 100 Wall Street, and the senior mortgage on the Kent Swig-owned 80 Broad Street. … [more]
Despite the improved lending market, one of the most active purchasers of
Manhattan office buildings last year, private equity firm Savanna, expects to
buy up to six properties in the city this year, founder and managing partner
Christopher Schlank tells Insights from The Real Deal (see video above).
“We have been seeing quite a good deal flow, so I would assume probably four,
to five to six deals this year, in New York City,” he says.
Nicholas Bienstock, also a managing partner, discusses why the firm prefers
quietly marketed deals, and how it won the bidding to buy Monday Properties’
386 Park Avenue South.
Midtown-based Savanna, founded during a previous recession in 1992, bought
four office buildings last year with 1.4 million square feet for just under $300
million. The most recent purchase was 1375 Broadway, in December, for $135
The firm is closing its second fund, which reports say is expected to raise $500
million. So far about half the investors are foreign entities, sources said.
In a sign that the credit markets are loosening, two developers have secured $135 million of state-backed construction loans, Crain’s reported. Two Trees Management has closed on a $77 million loan to finance its Clinton Park residential and commercial project at 770 Eleventh Avenue in Hell’s Kitchen, the Brooklyn-based company’s first development in Manhattan, and its largest, at 1.2 million square feet. Landlords Savanna and Monday Properties closed a $58 million loan from private investor PCCP to fund a renovation at 386 Park Avenue South, a 20-story art deco office building in Midtown South. … [more]