|
|
 |
|
|
|
|
Press Release
|
Contact: Nick Derasmo (212.841.7505) |
|
|
|
Sonnenblick-Goldman Company Arranges Recapitalization Of Metropolitan Tower in Midtown Manhattan
|
|
|
Tuesday, April 12, 2005
-
New York, NY
-
Sonnenblick-Goldman Company has arranged a joint venture between L&L Acquisitions, LLC (“L&L”) and Principal Real Estate Investors (“Principal”), on behalf of Principal’s Insurance General Account, for the sale and $120 million recapitalization of the office, retail and garage portion of Metropolitan Tower (“Met Tower”), located at 142 W. 57th Street.
In addition to investing equity, Principal will be providing a 5-year interest-only mortgage on the property. The seller is a partnership between L&L and Investcorp Properties Limited.
The glass-sheathed tower rises 78 stories, of which 18 floors represent the office portion comprising 259,808 square feet, over a below-grade garage; there is also 3,241 square feet of street level retail. In addition to Ann Taylor, which leases 121,775 square feet, other major tenants include Ceridian and Arbitron. Ann Taylor, which has outgrown the available space at Met Tower, recently announced its move to 7 Times Square.
“Given the extraordinary leasing absorption in Midtown over the past two years, we expect there to be strong demand for the Ann Taylor space,” says David W. Levinson, Chairman of L&L.
“Metropolitan Tower, located in the heart of the Columbus Circle/Plaza District, offers tenants one of the most prestigious locations in Midtown, as well as such other amenities as park views, a private dining facility and a 90-car garage,” says Robert Lapidus, president of L&L. “Its proximity to the city’s best restaurants, hotels, stores and other venues add to the property’s desirability.”
Steve Kohn, president of Sonnenblick-Goldman, adds, “The mutual respect shared by the L&L and Principal teams for each company’s areas of expertise will serve the venture well.”
L&L Acquisitions, founded by David W. Levinson and partner, Robert Lapidus, is based in New York City, where it owns and manages seven Class-A office properties, encompassing approximately 3.2 million square feet. L & L’s portfolio is valued at over $1.1 billion. Over the past five years, L&L Acquisitions has become 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 Des Moines, Iowa.
|
|
|
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.
|
|
|
|