Sales Beat, Acquisitions

Cammeby’s Buys 30 Park Avenue for $194M

30 Park Avenue.

In a mammoth multifamily transaction, Cammeby’s International Group led the purchase of a 20-story rental property at 30 Park Avenue from BlackRock and CalPERS for $194 million, Commercial Observer has learned

The real estate giant, run by Rubin Schron, borrowed $120 million from Ladder Capital to fund the purchase, a person familiar with the matter confirmed. Read More

Lease Beat

BlackRock Expands on East 52nd Street

Park Avenue Plaza.

BlackRock, the New York-based asset management firm, is expanding at the Fisher Brothers and Soho China’s Park Avenue Plaza at 55 East 52nd Street.

The firm will be expanding into 31,000 square feet on the 27th floor of the 45-story tower, according to The Real Deal, which first reported the deal. TRD noted that the the firm will pay rents slightly below $100 per square foot as part of the eight-year lease.  Read More

Lease Beat

Evercore Grabs More Space on East 52nd Street

Courtesy of Agorafy

Independent investment banking advisory firm Evercore Partners has signed a lease to expand its offices in New York. 

The firm, which advises clients on mergers, acquisitions, public offerings and other strategic transactions, will add 30,356 square feet to its New York presence, taking the entire 11th floor and a portion of the 12th floor at 40 East 52nd Street. Move-in is expected later this summer. The deal spans the next nine years.  Read More

Feature

Head of the Class: Teachers Retirement Fund TIAA-CREF Making Waves in New York

8 Spruce Street

Though not a traditional owner-operator, TIAA-CREF has begun to draw the attention of the real estate industry in recent months for a bevy of deals, including its acquisition of a stake in the Frank Gehry-designed building at 8 Spruce Street and a joint venture with Norges Bank Investment Management.

The asset management firm’s steady persistence in the real estate market during the downturn has led to a realization of gains, and recent deals could lead to the redeployment of capital in key markets going forward, said analysts familiar with the firm’s strategy going into 2013.

“TIAA is one of the investors that was pretty active in the depths of the market in 2009 and 2010, and some of those investments have turned into significant home runs,” said Dan Fasulo, managing director and head of research at Real Capital Analytics. Read More

Mortgage Beat

BlackRock Moves into Global Real Estate Securities

BlackRock_5158

Investment manager BlackRock has launched a global securities division designed to capitalize on the firm’s real estate investment and fundamental equity investment expertise through investments in real estate securities.

Mark Howard-Johnson, formerly of Building & Land Technology, has been appointed to head the division, which is expected to take on about six more investment professionals by the end of the year, the company said. Read More