The Real Deal New York

Posts Tagged ‘hines interests’

  • SL Green CEO Marc Holliday and Hines Interest founder Gerald Hines

    SL Green Realty has brought in Hines Interest to help the firm in a rare ground-up construction attempt across the street from Grand Central Terminal, according to the Wall Street Journal. The move marks the first step forward for the firm’s planned 1.2 million-square-foot building along Madison Avenue between 42nd and 43rd streets, since it acquired its last needed lot, at 51 East 42nd Street, in December. [more]

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  • Ruby Foo's at 1626 Broadway

    The Times Square restaurant Ruby Foo’s is fighting to renew its lease at 1626 Broadway after the 36-story office tower was acquired last May by a U.S. division of the Kuwaiti Investment Authority in one of the priciest deals of the year.

    An affiliate of the 300-seat Pan-Asian restaurant filed documents in New York Supreme Court last week seeking a ruling that would prevent the new landlord, Fosterlane Management, from trying to find a new tenant to replace it in the space. [more]

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  • NYC players buy up Brazil

    February 15, 2012 10:30AM

    From left: Sam Zell, Jeff Blau and Jerry Speyer

    From the February issue: Until a few years ago, Brazil was but a Plan B among America’s real estate investors. Now they increasingly view South America’s largest nation as a lucrative, and safe, haven for commercial property investment.

    “Brazil is a democracy, Brazil has a free press, Brazil elected a left-wing president back in 2002,” Hines Interests senior vice president Doug Munro told The Real Deal by phone last month from his São Paulo office. “Brazil [now] has control over its inflation concerns of the past. In the 1980s, Brazil was just a basket case in terms of the management of its economy. [more]

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  • 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]

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    From left: Tishman Speyer CEO Jerry Speyer, Hines Interests Chairman Gerald Hines and Simon Property Group CEO David Simon
    As commercial construction remains stagnant in America, several high-profile American developers have turned to China for new projects, including several with notable ties to New York.

    But for all the obstacles these developers are accustomed to encountering in the city, according to the New York Times there are even more hurdles to clear in China.

    In addition to the obvious language and cultural barriers — for example, the Chinese do not consider a contract a binding agreement, and disputes with tenants are better settled over dinner than in a court room — unpredictable policy, layers of bureaucracy and the necessity of building local relationships make the prospect of development difficult. … [more]

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    From left: Hines Interests Chairman Gerald Hines, renderings of 56 Leonard Street, 1045 Sixth Avenue and the MoMA Tower

    Already behind the controversial MoMA Tower and a new Bryant Park tower, perpetually under-the-radar real estate firm Hines Interests is undertaking another major project, the New York Observer reported in a lengthy profile, by reviving the stalled 56 Leonard Street condominium project in Tribeca.

    The Herzog & de Mueron-designed 57-story condo was first announced by developer Alexico Group a month before Lehman Brothers collapsed, and even sold four of its planned 145 units. But the recession took the plans for the building down with it, and the site currently has a foundation and little else. Typical of the understated firm, Hines refused to divulge much detail other than to say it would become another of Herzog & de Mueron’s “global landmarks.” … [more]

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  • Kuwaiti investment firm Fosterlane Management, the former owner of the Lipstick Building and 350 Park Avenue, is getting back into the New York City real estate game with the purchase of Hines Interests’ 750 Seventh Avenue for $485 million, or roughly $808 per square foot, the Post reported. Earlier this week, the Observer reported that the 600,000-square-foot tower near 49th Street tower was in contract to sell to an anonymous offshore investor. Hines purchased the 36-story tower, half of which is occupied by Morgan Stanley, for $150 million in 2000 through a partnership with General Motors. … [more]

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  • Hines Interests is in contract to sell off 750 Seventh Avenue, the 600,000-square-foot tower at 48th Street, to an offshore investor after drawing interest from at least 20 to 30 bidders, according to the Observer. It’s unclear what the still-anonymous buyer has agreed to pay for the 36-story building, which was acquired by Hines for $150 million in 2000 through a partnership with General Motors and is half-occupied by Morgan Stanley. Other tenants include Ernst & Young and Mendes and Mount. CB Richard Ellis brokers Darcy Stacom and Bill Shanahan had been quietly shopping the property to investors, and according to one source, prospective buyer activity was “through the roof.” [NYO]

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  • Hines Interests is looking to sell its 600,000-square-foot tower at 750 Seventh Avenue and has tapped commercial powerbroker Darcy Stacom of CB Richard Ellis to handle the deal, sources told the Observer. The real estate investment firm purchased the 32-story building, half of which is occupied by Morgan Stanley, for $150 million in 2000 through a partnership with General Motors. That works out to $260 per square foot. It’s unclear what Hines will be hoping to fetch for the 48th Street property, which is also home to Ernst & Young and Mendes and Mount, as it’s not officially on the market yet. [NYO]

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  • 40 Mercer retail condo goes for $42M

    April 20, 2010 09:40AM

    The retail space at 40 Mercer, the Jean Nouvel-designed condo developed by Hines Interests and Andre Balazs, has sold for $41.9 million to a company called GLL Real Estate Partners, city records show. The space, which has a street address of 465 Broadway, contains 9,400 square feet of space at the ground level. When it hit the market in June 2008, it was leased to high-end retailers Bose, Dermalogica and Vivienne Tam and to a Wachovia Bank. Studley’s Woody Heller reportedly had the listing, and at the time, he predicted that the retail condo would go for roughly $50 million. He declined to comment to the Observer yesterday. [NYO]

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  • SL Green CEO Marc Holliday and 600 Lexington Avenue

    SL Green has come out with an official announcement of its 600 Lexington Avenue takeover from a joint venture led by Hines US Core Office Fund for $193 million, or $636 per square foot. The price was previously reported at under $180 million. Under the terms of the deal, SL Green will assume $49.85 million of debt on the 36-story office tower, for which the 5.74 percent interest-only loan matures in March 2014. The building is currently 93.6 percent leased, though 54 percent of its space will become available over the next three years. “We moved aggressively to lock up this opportunity, and there exists a strong likelihood that we will be able to attract a joint venture partner on this asset,” said CEO Marc Holliday. The city’s largest landlord has been on somewhat of an acquisition tear lately. The company purchased 100 Church Street at a foreclosure auction earlier this year and recently snatched up the debt on Macklowe Properties’ 510 Madison, on which it is now trying — with some difficulty — to foreclose. TRD[more]

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  • 510 Madison Avenue, Harry Macklowe of Macklowe Properties (top) and Marc Holliday of SL Green (bottom)

    SL Green Realty is going to trial with Macklowe Properties over 510 Madison Avenue. SL Green, which recently purchased the debt on the 30-story tower and also picked up 600 Lexington Avenue from Hines Interests earlier this week, had planned to foreclose and take control next week on the grounds that Macklowe violated the terms of the loan. Macklowe’s lawyers said Harry Macklowe and his son, Billy, were entitled to two six-month extensions. A New York state Supreme Court judge ruled earlier today that the ownership battle will have to be settled in a trial, for which the date remains unclear. The property has only one tenant, investment firm Jay Goldman & Co., which is ensnarled in another legal battle with Macklowe as it tries to back out of the lease. [Crain's]

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  • SL Green is buying Hines Interests’ 600 Lexington Avenue for almost $180 million, or $700 a square foot, sources told Crain’s. The 282,000-square-foot office tower is one of three major city properties of its kind that had been attracting attention from investors while on the market despite the sector’s slump. All three — the others are 340 Madison Avenue and 125 Park Avenue — are being marketed by Darcy Stacom and Bill Shanahan of CB Richard Ellis. The acquisition for the city’s largest landlord follows that of 100 Church Street, which SL Green picked up at a foreclosure auction earlier this year. The company also recently bought the debt on 510 Madison Avenue, on which a foreclosure is scheduled for next week pending a hearing tomorrow. [Crain’s]

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  • While Douglas Durst had been a long-time opponent of the Freedom Tower — alleging that the planned tower had “an overly expensive design to be occupied by government agencies at overly expensive rents” — the developer has changed his mind, according to the Observer. Today, the Durst Organization is one of four bidders, along with Boston Properties, Related Companies and Hines Interests, angling for a stake in the Downtown building from the Port Authority of New York & New Jersey. All four have reportedly made $100 million offers for a non-traditional equity stake in the tower. “The building is going to go ahead no matter what anybody says,” Durst said, explaining his decision. “Similarly with the Times Square redevelopment project, we bitterly opposed that, but once the decision was made to go forward, we were a part of it.” That’s not to say that Durst is on board with the boom-time mindset that, according to him, still pervades the commercial real estate industry. When asked what he thinks the industry has learned from the recession, he replied, simply, “nothing.” [NYO] and [NYO]

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  • With three large Manhattan commercial properties recently listed for sale, and another reportedly on its way to the block, prospective buyers are swirling and observers are wondering whether this is the beginning of a market comeback. Last month, Broadway Partners’ 340 Madison Avenue, the 740,000-square-foot office tower that has positive cash flow and is nearly 100 percent occupied, went on the market, and sources told Crain’s it is listed for about $700 per square foot. Joining 340 Madison Avenue on the market is the Helmsley Carlton House hotel at 680 Madison Avenue, which has apparently already drawn bids of $150 million-plus, and Hines Interests’ 600 Lexington Avenue, which went up for grabs last week. Shorenstein Properties is expected to begin shopping around its 125 Park Avenue office tower next week. Since none of these properties’ owners are desperate for cash, they could easily pull the buildings from the market if they don’t command what they view as a fair price, analysts say. Vulture investors have spent the last year building up war chests in the hopes that properties like these might eventually go up for sale, but whether investors and owners will be able to agree on pricing as the commercial market emerges from its crash remains to be seen. [Crain's]

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  • 1 WTC stake draws interest from bigwigs

    February 09, 2010 01:31PM

    Six different high-profile property owners are angling for a stake in 1 World Trade Center, formerly called Freedom Tower, including Related Companies, Vornado Realty Trust, Boston Properties, the Durst Organization, Brookfield Properties and Hines Interests, according to the Observer. A stake in the 1,776-foot tower being constructed by the Port Authority of New York & New Jersey would require a $100 million commitment — at least — from the interested parties. The Port Authority is eager to draw interest from non-governmental agencies, according to Stephen Sigmund, a spokesperson for the agency. “We’re pleased with the private sector’s strong interest,” Sigmund said. … [more]

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