Tishman Speyer has made a significant move by completing its first office acquisition in New York City since the pandemic began, marking a notable return to the market.
The firm, known for its ownership of landmark properties like Rockefeller Center and The Spiral, purchased a fully leased 12-story office building located at 148 Lafayette St. in Lower Manhattan for $105.5 million.
This acquisition is especially noteworthy as it represents Tishman Speyer’s first foray into the NYC office market in over five years, with their last acquisition in the city occurring in 2019.
The purchased property encompasses 153,000 square feet and was originally built in 1913, undergoing renovations in 2017.
Current tenants in the building include well-known names like venture capital firm General Catalyst and cosmetics company Charlotte Tilbury.
The acquisition was partially financed through a loan amounting to $68.3 million from Blackstone Real Estate Debt Strategies.
A Newmark team, led by Adam Spies and Avery Silverstein, represented the seller, EPIC, though the representation for Tishman Speyer remains undisclosed.
In other notable transactions, the historic Hotel Bossert has recently changed owners for $100 million.
Located at 98 Montague St., this 282-key hotel, originally built in 1909, has seen a tumultuous ownership history that culminated in Nashville-based developer SomeraRoad acquiring the property.
SomeraRoad plans to convert the hotel into housing, marking the end of a challenging chapter for the property that was previously under the control of the Chetrit Group.
The Chetrit Group lost the hotel in February after Beach Point Capital acquired it through a foreclosure action, following the group’s default in 2022 on loans associated with the property.
Chetrit had purchased Hotel Bossert in 2012 in a partnership with Clipper Realty, and after buying Clipper out in 2019, it faced significant financial difficulties leading to the foreclosure.
Additionally, Clipper Equity has made a considerable acquisition by buying the vacant lot at 1800 Park Ave. in Harlem for over $50 million.
This 680,000 square foot plot had been owned by The Durst Organization since 2017 and has a complex ownership history stemming from multiple transactions over the years.
The property was originally bought by Vornado Realty Trust in 2007 but was sold to Continuum Cos. in 2013 for $66 million.
Continuum’s plans to develop a 700-unit apartment building faltered after it fell behind on financial obligations, leading the Durst Organization to acquire $100 million of the debt before ultimately purchasing the lot.
Despite their plans for development, the Dursts were unable to advance their construction project on the site before the 421-a tax incentive expired.
Moreover, a recent sale involving a Midtown office building has generated interest as it transferred ownership from one Milanese family to another for $22.4 million.
Pierluigi Tortora, founder of PLT Energia, acquired 30 W. 56th St. from Massimo and Alberta Ferretti, owners of the luxury brand Ferrim USA.
This transaction is noteworthy due to its remarkable price increase, as the Ferretis purchased the property for $3.8 million back in 1994.
PLT Energia intends to use the 22,000 square foot office building for its operations.
Moving onto leasing activity, Nike has secured a 16,000 square foot retail lease at the Atlantic Terminal and Center, conveniently located adjacent to Barclays Center.
This new retail space will enhance Nike’s presence in the area, joining established brands such as Sephora and Uniqlo.
Inline Realty’s David Alani represented Nike in the transaction, while owners of Atlantic Terminal and Center were advised by a Cushman & Wakefield team including Alan Schmerzler, Diana Boutross, and Ian Lerner.
In the Financial District, consulting engineering firm Jaros, Baum & Bolles has signed a substantial lease spanning 68,000 square feet at 55 Water St.
The firm will be relocating from its previous address at 80 Pine St. to this prominent 53-story tower owned by Retirement Systems of Alabama.
The premises at 55 Water St. are home to various notable tenants, such as The Legal Aid Society and the New York City Board of Education Retirement System.
Another prominent deal involves Fisher Brothers signing multiple tenants to 67,000 square feet of space at their 1.3 million square foot office tower, 299 Park Ave.
Among the transactions, investment firm One William Street Capital Management expanded its footprint to 45,000 square feet, adding 15,000 square feet to its existing space.
After relocating from 1290 Sixth Ave. in 2018, One William was represented by a CBRE team including Scott Gottlieb and others.
Moreover, private equity investment firm P10 Intermediate Holdings also expanded its presence within the building, adding 9,000 square feet to its current office space, while consulting firm Tailwind Management joined the property with a new 14,000 square foot lease.
Savills’ Greg Taubin represented Tailwind, while Newmark facilitated deals for all three agreements involving ownership representation by Fisher Brothers’ team.
AI-driven marketing intelligence company AlphaSense is also making waves with its new headquarters move to the Hudson Yards area, where it has signed a 10-year lease for 50,000 square feet at 441 Ninth Ave.
This move signifies a shift from their current location at 24 Union Square E., and Savills’ Allyson Bowen and Erik Schmall represented AlphaSense during the negotiations.
In Brooklyn, Elderserve Health renewed its 15,000 square foot office lease in Midwood after first occupying the space in 2020, settling at 1630 E. 15th St.
The renewed agreement carried asking rents at $45 per square foot.
The building, previously under Urban Edge Properties, has entered foreclosure and was assigned to the special servicer of the CMBS trust holding the mortgage.
Cresa’s Bert Rosenblatt and his team represented Elderserve Health, with ownership represented by Lincoln Property Co.’s Michael Taylor.
Additionally, law firm Foster Garvey has signed a new 10-year, 11,000 square foot lease at One Seaport Plaza, with plans for the landlord to renovate the building later this year.
Currently, the property is home to other tenants such as WeWork and Allied World Insurance.
Savills’ Nicholas Farmakis and Steve London were the representatives for Foster Garvey as they prepare to move from their existing office space at 100 Wall St. to the new location.
In the financing sector, 222 E. 34th St. in Kips Bay has secured a refinancing deal valued at $99.8 million from Northwestern Mutual Life Insurance Co.
The Hakim Organization has replaced an existing loan with this new financing, extending the maturity date to June 15, 2030.
Rockrose Development has also won an $80 million loan for 110 Horatio St., a multifamily property characterized by 94,000 square feet of mixed housing types and currently approaching full occupancy.
AXA IM Alts provided the financing while a JLL team, including Geoff Goldstein and others, facilitated the arrangements for the loan.
In addition, Pro-H Development received a $77 million loan from Urban Standard Capital to help finance a new 101-unit condo project at 842 Sixth Ave.
Previously intended to be a hotel, the lot saw a sale last year after facing financial challenges.
The new 27-story condo tower is expected to debut late next year.
Furthermore, New York Life Insurance Co. has invested $60 million into Altitude Capital Management for the Courtyard by Marriott hotel located at 135 W. 30th St.
This loan replaces an earlier sum from Voya Financial, and marks another significant financial movement within the New York City real estate market.
Community Preservation Corp. has also provided a $44.1 million mortgage to Lemle & Wolff Cos. for residential development in Sunnyside aimed at delivering 55 housing units in partnership with nonprofit Elmcor Youth & Adult Activities.
In Prospect Heights, Red Apple Group refinanced its 86-unit residential building at 670 Pacific St. with M&T Bank for $38.1 million, replacing a previous loan.
A principal payment and a note modification fee were necessary during this refinancing process, demonstrating further financial maneuvering within the city’s dynamic real estate landscape.
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