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. [more]
From top left: SL Green President Andrew Mathias, Darcy Stacom and Bill Shanahan, vice chairmen of CBRE; at right: 10 East 53rd Street
SL Green Realty agreed to purchase the HarperCollins Building from Hines Interests for $252.5 million, the firm announced in a press release yesterday. An unnamed partner joined SL Green in the acquisition of the 390,000-square-foot office tower at 10 East 53rd Street, between Madison and Fifth avenues, and will hold a 55 percent stake in the property.
Darcy Stacom and Bill Shanahan, vice chairmen of CBRE Group, represented Hines in the transaction, which earlier reports estimated would be worth $242 million. Hines purchased the property for $58.3 million in 1993. [more]
From left: Darcy Stacom, vice chairman of CBRE, and 711 Third AvenueSL Green Realty has pulled 711 Third Avenue from the market three months after tapping Darcy Stacom, vice chairman of CBRE to market the property.
According to Crain’s, the landlord reneged because it did not receive offers in the range of $200 million to $225 million that it had expected for the 580,000-square-foot office tower between 44th and 45th streets. SL Green owns the leasehold and a 50 percent interest in the ground beneath the building. [more]
From left: Darcy Stacom and Bill Shanahan, vice chairmen of CBRE, and 4 New York PlazaThe 1.1 million-square-foot office tower at 4 New York Plaza is being marketed for a sale by a Darcy Stacom and Bill Shanahan-led CBRE Group team, according to the New York Post.
The building, at 115 Broad Street near Water Street, is 95 percent occupied, thanks largely to an 800,000-square-foot lease held by JPMorgan Chase that runs through 2025. The New York Daily News and American Media are also tenants of the building.
The building is owned by Virginia-based Harbor Group, which purchased the building for just $108 million — a recession-friendly price, according to the Post — in January 2010. [more]
Tishman Speyer, in partnership with Square Mile Capital and the Modell family, has completed the $415.5 million sale of the 670,000-square-foot Two Gotham Center in Long Island City to H&R, a Canadian Real Estate Investment Trust listed on the Toronto Stock Exchange, CBRE Group, which represented Tishman in the deal, announced yesterday. – Katherine Clarke [more]
Darcy Stacom, a vice chairman of CBRE, represented the seller in two of the top five brokered commercial real estate sales, based on price, recorded in city property records last month, data from PropertyShark.com and CoStar Group show.
Stacom, along with CBRE’s William Shanahan and Paul Leibowitz, were the brokers for the sale of two St. Vincent’s Catholic Medical Centers buildings to Rudin Management and Long Island-Jewish Health Care System. In another bankruptcy proceeding, Eastdil Secured brokers Doug Harmon and Adam Spies represented the bankruptcy court in the sale of 1107 Broadway to the Witkoff Group. [more]
The Republic of Tanzania has purchased the Timekeeper Building, a six-story office property at 307 East 53rd Street near the United Nations, for $24.5 million, according to public records filed with the city today.
The 40,000-square-foot, six-story building, between First and Second avenues, was put on the market by Philadelphia-based real estate investment firm Amerimar Enterprises in September 2010. Robert Garrish, Paul Gillen and Darcy Stacom of CB Richard Ellis were hired to market the property.
Amerimar purchased the property from a company named Mittman Associates for $15.45 million in 2005. [more]
Pension fund giant TIAA-CREF purchased the 280,000-square-foot office building 475 Fifth Avenue from Barclays Capital Real Estate this week for $144 million, about $4 million more than expected, according to sources involved in with the transaction.
The deal closed Wednesday, sources said, at sale price of about $514 per square foot. Midtown-based TIAA-CREF had been expected to buy the building, but for $140 million or less.
A joint venture of real estate developer Joseph Moinian and Westbrook Capital acquired 475 Fifth Avenue, located at 41st Street, in 2007 for $160 million, but lender Barclays took the property back in 2009 through a deed in lieu of foreclosure. In the slow commercial real estate market of the time, Barclays sought to unload the 86-year-old office tower for just $105 million. Comments
SL Green Realty is putting its leasehold on 711 Third Avenue, and a 50 percent interest in the underlying ground, on the market, sources told Crain’s. The 580,000-square-foot building, between East 44th and East 45th streets, may likely command a high asking price — between $200 million and $225 million, according to experts — because of its proximity to Grand Central Terminal. Darcy Stacom, vice chairman of CB Richard Ellis, is handling the sale on behalf of SL Green. The property has a well-known mosaic in the lobby designed by abstract expressionist painter, Hans Hofmann. Tenants include Crain Communications and Parade Magazine, the latter of which has eight years left on its lease. [more]
It’s been a good week for CB Richard Ellis’ Darcy Stacom and William Shanahan. The Alaska Permanent Fund has agreed to pay $1,075 per square foot for a 49.5 percent stake they were marketing in 299 Park Avenue, sources told the New York Post, in a deal revaluing the property at $1.25 billion.
The pair were hired by the Rockpoint Group to market their share in May. Rockpoint purchased the stake from Swiss bank UBS in January 2010. That earlier deal had valued it at just over $600 million, or $625 per square foot.
Developer Fisher Brothers still holds the majority share and runs the Class A building. [more]
