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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN COMPANY ARRANGES JOINT VENTURE FOR ACQUISITION OF 1540 BROADWAY IN TIMES SQUARE |
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Wednesday, June 30, 2004
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New York, NY
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Sonnenblick-Goldman Company has arranged a joint venture between the Paramount Group and Principal Real Estate Investors, on behalf of its Principal U.S. Property Account, for the acquisition of 1540 Broadway, a 1.1 million square foot office tower also known as the Bertelesmann Building.
The glass-sheathed tower rises 44 stories over a below-grade garage and includes substantial signage and seven floors of retail. In addition to media giant Bertelesmann Inc., other major tenants include the prestigious law firm Pillsbury Winthrop, Virgin Entertainment Group and Loews Broadway Cinemas.
Paramount Group, based in New York City and headed by president and CEO Albert Behler, owns and manages 11 Class-A office properties, encompassing approximately ten million square feet, in Manhattan and Washington DC. Paramount is one of the premier owner/managers of prime office properties in New York City.
Principal Real Estate Investors, the dedicated real estate group of Principal Global Investors, manages or sub-advises over $24 billion in commercial real estate assets. Principal Global Investors manages $108 billion in assets for retirement plans and other institutional clients. Principal Global Investors is a member of the Principal Financial Group®, based in Demoines, Iowa.
"The mutual respect shared by the Paramount and Principal teams for each company’s areas of expertise will serve the venture well," says Steve Kohn, president of Sonnenblick-Goldman.
Located in the heart of Times Square, 1540 Broadway offers tenants an ideal location for access to all major transportation terminals in Midtown, as well as to an outstanding selection of restaurants, hotels, stores and other amenities.
Mr. Kohn adds, "The building’s floor layouts, light and views are exceptional. The quality and quantity of tenants that have made Times Square their home is astounding, further establishing Times Square as the place to be in Manhattan." |
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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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