SL Green acquires Reckson in $6B deal
SL Green Realty, one of the leading commercial landlords in New York, acquired fellow real estate investment trust Reckson Associates Realty in a $6 billion deal that’s expected to close in January 2007. The deal has been approved by both REITs’ boards of directors, and includes the assumption by SL Green of Reckson’s approximately $2 billion in outstanding debt (see SL Green set to profit from Reckson buildings).
Warburg moves Village office
Warburg Realty Partnership announced the relocation of its Greenwich Village office from 795 Broadway to new storefront space at 65 West 13th Street. The new retail-level location will be home to nearly 30 brokers. The office continues to be led by senior managing director Stephen Klym.
Insurance company offers rezoning protection
Boston-based Lexington Insurance Company has launched an insurance policy to protect commercial and residential developers and lenders from losses due to changing zoning laws, Globest.com reported. The new policy is called Zoning Restriction Protector Insurance.
Oncor taps PBS Realty as New York partner
The board of directors of commercial real estate organization Oncor International has selected PBS Realty Advisors as its New York partner. PBS Realty’s commercial real estate advisory services and senior level professionals will be available to Oncor’s client base, which includes Fortune 500 companies such as American Express, IBM and Prudential.
NAI Global acquires New York affiliate
Commercial brokerage firm NAI Global has acquired the assets of its New York City affiliate, NAI DG Hart. Jeffrey Finn, president and chief operating officer of NAI Global, was appointed chairman and chief executive of NAI New York. As part of this transaction, NAI Global will relocate its corporate global solutions group to Manhattan.
Two Trees launches wireless park hotspot
Two Trees Management, the Dumbo Improvement District and NYCwireless have launched Brooklyn’s first wireless park hotspot. The system provides full coverage to the city park at 1 Main Street.
Coldwell Banker Hunt Kennedy joins Westchester Real Estate Inc.
Coldwell Banker Hunt Kennedy announced last month that it is now a member of Westchester Real Estate Inc., an organization of real estate companies that promotes relationships through broker-to-broker referrals.