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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN COMPANY ARRANGES $150 MILLION FINANCING FOR TIMES SQUARE PLAZA (1500 BROADWAY): THE NEW LOCATION FOR ABC'S GOOD MORNING AMERICA SHOW |
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Wednesday, September 29, 1999
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New York, NY
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Sonnenblick-Goldman Company, acting as the exclusive advisor to ZAPCO 1500 Investment, LP/ Intertech Corp., has arranged a $150 million mortgage loan for Times Square Plaza at 1500 Broadway, New York, NY. Metropolitan Life Insurance provided the funding.
Located on Broadway between 43rd and 44th Streets in the heart of Times Square in Midtown Manhattan, 1500 Broadway is a 33-story, Class A office building containing 497,874 rentable square feet of space (87,011 square feet of retail space). Situated just across 43rd Street from Time Square Plaza is 4 Times Square, the future home of Conde Nast and Skadden Arps.
Times Square Plaza is currently 99% leased to companies doing businesses in areas as diverse as media, entertainment, publishing, public relations, advertising, law, and financial services. Major tenants include Disney Enterprises and Edelman Worldwide, one of the world's largest public relations firms. Disney/ABC signed a 21-year lease in November of 1997 for 75,865 square feet of retail space at Times Square Plaza. ABC Television is broadcasting its popular morning show "Good Morning America" from the ground floor level, with a set that allows the television viewer to view the action and excitement of Times Square, and passersby to view live broadcasts. The interior installation cost is approximately $1000 per square foot.
"Given today's volatile capital markets, a loan of this size - equating $300 per square foot - reflects the market's positive view of Times Square, the property and the strong ownership," said Steve Kohn, Managing Director of Sonnenblick-Goldman's Capital Markets Group. |
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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