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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN COMPANY ARRANGES SALE OF $181 MILLION LOAN ON AMERICAS TOWER |
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Wednesday, October 04, 2000
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New York, NY
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Sonnenblick-Goldman Company, acting as the exclusive advisor to CDC Mortgage Capital, has arranged the sale of a loan secured by Americas Tower, a 960,050 square foot, Class A trophy office tower located at 1177 Avenue of the Americas in Manhattan. The purchaser was a team comprised of The Northwestern Mutual Life Insurance Company and New York Life Insurance Company. CDC Mortgage Capital acquired the loan, which has a current outstanding principal balance of approximately $181.3 million, from The Capital Company of America in 1999. The borrower is an affiliate of Kumagai Gumi Company, Ltd., a Japanese construction company.
Completed in 1992, Americas Tower is distinguished by many unique features, such as its dramatic, coral granite exterior; a block-long, three-story colonnade entrance on Avenue of the Americas; a two-story, tapered spire which crowns the building; and revolving fine art exhibits.
The 50-story property is 100% leased by 20 office and three retail tenants, including PricewaterhouseCoopers, American Home Assurance Company (a subsidiary of American International Group) and Bank Hapoalim.
According to Ken Ziebelman, Managing Director and Principal at Sonnenblick-Goldman Company, "The Northwestern Mutual Life Insurance Company and New York Life Insurance Company, as well as a number of other potential purchasers, were particularly attracted to the high quality of both the property and the loan." |
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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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