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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Cushman & Wakefield Brokers The Lenox Building, Arranges Financing |
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Thursday, March 08, 2012
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Atlanta, GA
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Cushman & Wakefield’s Atlanta office announced today that it sold The Lenox Building on behalf of ING Clarion to Parmenter Realty Partners for $59.7 million. Cushman & Wakefield Sonnenblick Goldman arranged $41.5 million of acquisition financing on behalf of Parmenter Partners Realty.
The Lenox Building is a 348,152 Class-A square-foot, 20-story office tower located in the Buckhead submarket of Atlanta, GA. The asset was financed with a 4-year loan with 2 years interest only at almost 65% of purchase price with the lender providing additional proceeds for the funding for future TI/LCs.
“Value-add financing for Atlanta office assets continues to improve, especially for high profile assets. We received numerous debt proposals, including several from lenders that were not quoting value-add office in Atlanta 12 months ago. The market continues to improve and we ultimately closed the loan with a lender that has reentered the market.” said Mike Ryan, Senior Managing Director for Cushman & Wakefield Sonnenblick Goldman’s Atlanta office. “Acquisition financing that provided future TI/LCs to lease-up the asset was key to the client’s business plan.”
Mike Ryan, Brian Linnihan, and Jeff Walker represented Parmenter Realty Partners on the acquisition financing while David Meline, Stewart Calhoun, and Samir Idris represented ING Clarion on the sale of the asset.
About Cushman & Wakefield: Cushman & Wakefield is the world's largest privately-held commercial real estate services firm. Founded in 1917, it has 234 offices in 61 countries and more than 13,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. It offers a complete range of services within five primary disciplines: Transaction Services, including tenant and landlord representation in office, industrial and retail real estate; Capital Markets, including property sales, investment management, investment banking, debt and equity financing; Client Solutions, including integrated real estate strategies for large corporations and property owners, Consulting Services, including business and real estate consulting; and Valuation & Advisory Services, including appraisals, highest and best use analysis, dispute resolution and litigation support, along with specialized expertise in various industry sectors. A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its online Knowledge Center at www.cushmanwakefield.com.
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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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