Meadow Partners picks up 860 Washington ground lease for $230M

Investment firm inked deal for 99-year lease

New York /
Jan.January 06, 2021 11:05 AM
Meadow Partners Managing Partner Jeff Kaplan and 860 Washington Street (Google Maps)

Meadow Partners Managing Partner Jeff Kaplan and 860 Washington Street (Google Maps)

Meadow Partners purchased a 99-year lease on an office building in the Meatpacking District for about $230 million.

The investment firm closed on its purchase of 860 Washington Street at the end of 2020, according to the Wall Street Journal. According to the terms of the deal, Meadow will control the building but pay ground rent to Romanoff Equities, one of the building’s co-developers.

The building “is very well-leased for the long-term,” Jeffrey Sussman, chief executive of Property Group Partners, told the Journal. “That’s an attraction in a market of uncertainties.”

The building was developed in 2013 by a group venture that included Property Group Partners and Romanoff, which owns a number of properties in the Meatpacking District. Romanoff recently acquired the 120,000-square-foot tower from its co-developer in a sale-leaseback deal that valued the building at $80 million.

A Cushman & Wakefield team led by Doug Harmon, Adam Spies and Kevin Donner advised on the deal.

Its tenants include Tesla, which has a ground-floor showroom, and the SoftBank-backed online lender SoFi.

The deal is one of the few office transactions to take place during the pandemic. As of the end of November, only $5.5 billion of Manhattan office properties had been sold in 2020, according to Real Capital Analytics. During the same period in 2019, that number was $13.3 billion.

[WSJ] — Sasha Jones


Related Articles

arrow_forward_ios
Vornado leasing 77k sf to school in 825 Seventh Avenue
Vornado leasing 77k sf to school in 825 Seventh Avenue
Vornado leasing 77k sf to school in 825 Seventh Avenue
Deconstruct Podcast
Deconstructing the single-family rental: New podcast episode out now
Deconstructing the single-family rental: New podcast episode out now
Birch Group President Mark Meisner and 101 Hudson Street in Jersey City, NJ (The Birch Group, Google Maps)
Birch Group paying $380M for large Jersey City office
Birch Group paying $380M for large Jersey City office
Main-MainImage_.psd FT-Thumbnail_.psd
Blackstone to net $4B profit in sale of Vegas casino
Blackstone to net $4B profit in sale of Vegas casino
Oxford lands $1.4B CMBS financing for $2.2B KKR industrial portfolio purchase
Oxford lands $1.4B CMBS financing for $2.2B KKR industrial portfolio purchase
Oxford lands $1.4B CMBS financing for $2.2B KKR industrial portfolio purchase
290 Motor Parkway, the office of Flexible Business Systems (Getty, Google Maps)
Long Island IT company wants to build ice rink for employees
Long Island IT company wants to build ice rink for employees
NJ construction official accused of siphoning funds from developers’ account
NJ construction official accused of siphoning funds from developers’ account
NJ construction official accused of siphoning funds from developers’ account
NYC City Council passes bill forcing hotels to dish out severance pay
NYC City Council passes bill forcing hotels to dish out severance pay
NYC City Council passes bill forcing hotels to dish out severance pay
arrow_forward_ios

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

Loading...