purchased the 770,000-square-foot tower for $310 million.
Norman Sturner, MHP co-founder and principal, told GlobeSt
that “we pre-empted the whole world,” and “it is something
we consider a coup.” C&W’s Richard Baxter, who handled the
marketing of the sale, along with Ron Cohen, Scott Latham
and Jon Caplan, told GlobeSt.com in March that the property
was 99% occupied: however 30% of the building is rolling over
within the next five years.
• GlobeSt.com reported in April that Ashkenazy Acquisition
Corp. and the Carlyle Group closed on the acquisition of 650
Madison Avenue, between 59th and 60th streets, approximately 600,000 square feet of “trophy” office and retail tower
space. The property was acquired from Hiro Real Estate Co.
for $680 million. The property’s square footage includes
around 90,000 square feet of retail space that includes Crate
and Barrel and Tod’s. Office tenants include Polo Ralph Lau-ren’s corporate headquarters, Columbia Presbyterian and
several investment firms.
• In early July, Globe St.com reported that the Carlyle Group
and Stanley Chera’s Crown Acquisitions completed the acquisition of a controlling interest in the retail portion of 666 Fifth
Ave. from Kushner Cos. for $525 million. Carlton Advisory
Services arranged the venture between Carlyle, Crown and
Kushner as well as the lending syndicate that included Barclays and SL Green. Howard Michaels, chairman of Carlton
Group Ltd., was able to arrange $630 million consisting of a
$325-million first mortgage, $135-illion mezzanine mortgage
and $170-million in equity from a $3-billion opportunistic
fund for the property.
• Last August, Boston Properties closed on the $444-million
purchase of 125 W. 55th St., the last of four Macklowe Properties towers the Boston-based REIT and its joint venture
partners acquired in May. GlobeSt.com reported that CB
Richard Ellis’s William Shanahan and Darcy Stacom negotiated the deal on behalf of Macklowe Properties. The
purchase of that building was part of the $3.95-billion agreement the firm made to acquire the two-million-square-foot
General Motors Building at 767 Fifth Ave., along with the
292,000-square-foot 540 Madison Ave., the 591,000-square-
foot 125 W. 55th and the 664-000-square-foot Two Grand
Central Tower at 44th Street between Lexington and Third
avenues. Earlier that summer, at a Real Estate Board of New
York presentation in June, Mortimer Zuckerman, chairman
of the board and director of Boston Properties, said the
REIT was committed to its largest transaction to date amid
the economic uncertainty.
• Also in August, the Paramount Group Inc. closed on its acquisition of interests in 1301 Ave. of the Americas, one of the
Macklowe properties that had been turned over to Deutsche
Bank. GlobeSt.com had first reported the deal back in June,
saying it would trade for a ballpark figure of $1.45 billion. According to a Paramount press release, the property is considered one of the most sought after because of its access to eight
subway lines via a concourse level connection to Rockefeller
Center. Paramount represented itself in the transaction.
Leases
• The year began with one of its biggest leases, as GlobeSt.com
reported that Ogilvy New York would move its entire New York
