Worldwide Plaza Confirms Recapitalization Plans

worldwide-plaza

Worldwide Plaza will definitely look to recapitalize, following several months of lingering on the auction block. Sellers, George Comfort & Sons and RCG Longview, had purchased the building – located at 825 Eighth Avenue – in 2009 for just under $600 million.

“The truth of the matter is that they have decided on a recapitalization Read More

Marketwatch

The Heart of Manhattan: Why Midtown is Starting to Make Sense, Again

Midtown Manhattan

Midtown is starting to matter again.

At least that’s the view to take from commercial real estate deals like Japanese financial firm Nomura Holding’s $60-per-square-foot, 20-year lease for a plush 47-story headquarters at 825 Eighth Avenue.

The arrival of a Japanese multinational at the Worldwide Plaza property embodies the roller-coaster ride of the Midtown office market over the past five years. It was bought by Harry Macklowe for $1.7 billion in 2007, only to be sold at a 60 percent discount two years later in a fire sale that saw George Comfort & Sons snatch it up for $600 million in 2009 when the building was half vacant. Read More

office space

Wells Fargo Isn’t the Only One Getting Bumped

When Bloomberg sailed into Wells Fargo’s chosen space at 120 Park Avenue, industry insiders were shaken by the switch. Now Crain’s reports that even Wells Fargo thought they had the space nailed:

“A few weeks ago, [senior vice president John] Saclarides got a call from the landlord telling him that the bank was being bumped Read More