Ackman, Georgetown close on Ford building for $250M

Ford Motor Company put 11th Avenue property on market in March

New York /
Jul.July 14, 2015 11:05 AM

UPDATED, 11:28 a.m., July 15: Adam Flatto’s Georgetown Company and a Bill Ackman-controlled investment fund closed on a commercial building at 787 11th Avenue on the Far West Side that they partnered to buy for roughly $250 million.

The buyers acquired the property last week from Ford Motor Company, which paid $73 million to buy and renovate the site, between West 54th and West 55th Streets, for $73 million in 1997. They entered contract in May, when the price was not yet known.

Ford used the eight-story, 464,000-square-foot building, which it put on the market in March, as a service center for its Ford and Lincoln brands. Jaguar and Land Rover dealerships occupy the building’s ground-floor retail space.

Pershing Square Capital Management, Ackman’s $18 billion hedge fund, will move into a portion of the building, according to the New York Observer. A JPMorgan Asset Management fund provided a $180 million bridge loan for the acquisition.

A CBRE team led by Darcy Stacom and Bill Shanahan brokered the deal, with additional teams from CBRE and Ackman-Ziff negotiating the financing. [NYO]Rey Mashayekhi


Related Articles

arrow_forward_ios
Savills' Jim Wenk (LinkedIn, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Office space up for sublease back on the rise
Office space up for sublease back on the rise
Bill Ackman and a rendering of the glass penthouse at 6-16 West 77th Street (Getty, Foster + Partners)
Bill Ackman getting his glass penthouse … mostly
Bill Ackman getting his glass penthouse … mostly
CBRE's Chuck Leitner and Amazon warehouses at 12555 Flatlands Avenue and 12595 Flatlands Avenue (March Associates Construction, CBRE, iStock, Illustration by Kevin Cifuentes for The Real Deal)
CBRE affiliate buys two Amazon warehouses for $230M
CBRE affiliate buys two Amazon warehouses for $230M
CBRE's Chris Bodnar (CBRE, iStock)
Healthcare real estate investment expected to hit $25B this year: report
Healthcare real estate investment expected to hit $25B this year: report
Nelson Lee and Eric Anton of Marcus & Millichap (REBNY)
Karaoke and bees: Marcus & Millichap wins REBNY’s most “ingenious deal”
Karaoke and bees: Marcus & Millichap wins REBNY’s most “ingenious deal”
(iStock)
As rents drop, Manhattan retail spaces are filling up
As rents drop, Manhattan retail spaces are filling up
World Class Holdings' Nate Paul (World Class, iStock)
Nate Paul plots comeback after selling chunk of self-storage holdings
Nate Paul plots comeback after selling chunk of self-storage holdings
Nate Paul of World Class Holdings and one of his Great Value Storage facilities (Great Value Storage, iStock)
Controversial Austin developer Nate Paul sells self storage portfolio for $588M
Controversial Austin developer Nate Paul sells self storage portfolio for $588M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...