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
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.
Credit Agricole has renewed approximately 350,000 square feet at 1301 Avenue of the Americas in one of the largest leases to get done in the second half of 2011.
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