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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Cushman & Wakefield Sonnenblick Goldman Arranges Financing for W. P. Carey on The New York Times Company Corporate Headquarters, New York, New York
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Tuesday, September 08, 2009
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New York, NY
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New York, NY (September 9, 2009) – Cushman & Wakefield Sonnenblick Goldman, serving as the exclusive advisor to W. P. Carey & Co. LLC and two of its publicly-held, non-traded REIT affiliates, CPA®:16 – Global and CPA®:17 – Global, has arranged a $119.8 million financing for The New York Times Company Corporate Headquarters, consisting of certain leasehold condominium units aggregating approximately 751,500 rentable square feet in The New York Times Building, located at 620 Eighth Avenue, New York, New York. The loan was provided by an offshore bank.
Built between 2005 and 2007 by a joint venture between The New York Times and the Forest City Ratner Companies, the building marks the first major contribution to New York City’s skyline by internationally acclaimed architect Renzo Piano. W. P. Carey and its affiliates completed a sale-leaseback transaction with The New York Times Company in March 2009, arranged by Cushman & Wakefield.
“Despite the fact that a large number of lenders remain on the sidelines, especially for loans over $50 million, we continue to see strong interest for loans on high-quality properties that are owned by strong, experienced sponsors" noted Steve Kohn, president of Cushman & Wakefield Sonnenblick Goldman.
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About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
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