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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick-Goldman Company Arranges $138 Million Recapitalization of the Park 80 West Office Complex
Location of 500,000 Square Foot Development One of the Most Desirable in Northern New Jersey
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Thursday, August 04, 2005
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New York, NY
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Sonnenblick-Goldman Company has arranged a joint venture between L&L Acquisitions, LLC (“L&L”) and an affiliate of Zurich Global Investment Advisors Limited (“Zurich”) for the $138 million recapitalization of Park 80, one of the premier office parks in New Jersey.
Located in Saddlebrook, Park 80 comprises two Class-A office buildings, totaling approximately 500,000 square feet, with structured parking. Tenants at Park 80 West include Unilever/Conopco, New York Life Insurance, Interchange Bank and CB Richard Ellis.
“The location at the confluence of Interstate 80 and the Garden State Parkway is one of the most strategic in northern New Jersey,” says Robert Lapidus, president of L&L.
Steve Kohn, president of Sonnenblick-Goldman Company, L&L Acquisitions’ advisor in the recapitalization, says, “The combination of the sponsor and the quality of the property was of great appeal to the global capital markets.”
L&L Acquisitions, founded by David Levinson and Robert Lapidus, is based in New York City, where it owns and manages six Class-A office properties, encompassing approximately 3.2 million square feet. Over the past five years, L&L Acquisitions has become one of the premier owner/managers of prime office properties in the New York City metropolitan area. L&L acquired Park 80 West with Lehman Brothers in January 2005. Lehman Brothers, which has sold its equity position to L&L and Zurich, also provided a 10-year fixed rate mortgage.
Sonnenblick-Goldman also recently arranged two other joint ventures for L&L: one for the acquisition of 600 Third Avenue in Manhattan with GE Asset Management, and the second for the recapitalization of Metropolitan Tower in Manhattan with Principal Real Estate Investors.
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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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