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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick Goldman Arranges $285 Million Leasehold Financing for Silverstein Properties and California State Teachers’ Retirement System |
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Tuesday, May 09, 2006
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New York, NY
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Sonnenblick Goldman, serving as exclusive advisor to a joint venture comprised of affiliates of Silverstein Properties and California State Teachers’ Retirement System (CalSTRS), has arranged a $285 million fixed-rate loan secured by a leasehold interest in 120 Broadway located in New York City’s Financial District. Morgan Stanley Mortgage Capital, Inc., provided the financing.
Also known as the Equitable Building, 120 Broadway is a national historic landmark office building located in the heart of New York City’s Financial District. The building’s elegant architectural details are emblematic of the historical grandeur of downtown Manhattan.
“The resurgence in demand for trophy office space in New York’s prestigious Financial District resulted in tremendous interest from a wide variety of international, domestic, conduit and balance sheet lenders,” stated Arthur Sonnenblick, senior managing director of Sonnenblick Goldman.
The property is located at the crossroads of the nation’s largest mass transportation network, with in-building or undercover access to New York City’s 4, 5, J, M & Z subway lines. It is within walking distance of the newly redesigned Fulton Street subway station and the planned World Trade Center commuter hub.
Built in 1915, 120 Broadway is the premier pre-war office building in downtown Manhattan. The 41-story, 1.8 million-square-foot Class A office building occupies the city block that is bound by Broadway, Nassau Street, Cedar Street and Pine Street. The Department of Law of the State of New York is the building’s major tenant.
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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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