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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN COMPANY ARRANGES SALE OF ARDEN GROUP OFFICE BUILDINGS |
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Thursday, July 22, 1999
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New York, NY
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Sonnenblick-Goldman Company, acting as financial advisor to Philadelphia-based Arden Group, arranged the sale of One Lincoln Center in Syracuse, New York and of 1001 Jefferson Plaza in Wilmington, Delaware. Both buildings were purchased by HRPT Properties Trust, a publicly traded REIT listed on the NYSE that is headquartered in Newton, Massachusetts. One Lincoln Center was purchased for $17,750,000 and 1001 Jefferson Plaza was purchased for $14,500,000.
One Lincoln Center, located at 110 West Fayette Street in the prestigious Armory Square area of downtown, is one of Syracuse’s premiere office buildings. The 304,942 square foot, 19-story building was built in 1972 and has undergone over $1.6 million in capital improvements since 1995. One Lincoln is 89% leased, with Chase Manhattan Bank as the major tenant occupying approximately 33% of the building. Eleven other tenants, comprised primarily of law and accounting firms, occupy the balance of the space in the building.
Containing approximately 166,000 square feet, 1001 Jefferson Plaza was built in 1984 and is 100% occupied. The division of First USA Bank that services third-party credit card portfolios occupies 85% of the building. The remaining space is leased to Principal Health Care and Student Financing Corporation. 1001 Jefferson is on the periphery of the Wilmington central business district, and is immediately accessible from I-95 on Delaware Avenue.
"The acquisition of these assets by a major REIT validates the Arden Group’s original strategy when it acquired them," says Sonnenblick-Goldman Director Dan Carlo. "Namely, they aim to acquire well-positioned assets in key secondary markets that are often overlooked in the radar screen of most larger real estate players and, as appropriate, add value through re-leasing, re-development, expansion, and/or expense efficiencies." |
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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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