Mesa West Gives Angelo Gordon Partnership $80M to Buy Four Va. Offices

Mesa West Capital provided a partnership of Angelo Gordon & Co. and Atlantic Realty Companies two first mortgage loans, totaling $78.9 million, for the acquisition and stabilization of four-office buildings in Reston, Va., Commercial Observer has learned.

New York-based Angelo Gordon teamed up with local developer and manager Atlantic Realty Companies, which is based in Tysons Corner, Va., for the buy. The total acquisition cost was $82 million, said a source close to the deal who did not want to be identified. Read More

On the Market

Thor, Taconic Put Samsung-Leased Building on Sales Block

837 Washington Street

Thor Equities and Taconic Investment Partners are marketing the brand new six-story, 63,131-square-foot building leased to Samsung Electronics North America in the Meatpacking District, according to an email flyer that brokers from Eastdil Secured circulated yesterday.

The building at 837 Washington Street next to the High Line and near Google and Apple will boast a Samsung office and marketing hub through September 2025, the flyer says. Read More

Mortgage Observer

Q&A: Christopher Jordan, Head of Wells Fargo’s Hospitality Finance Group

Christopher Jordan.

Mr. Jordan spoke with Mortgage Observer in September from his office in Washington, D.C. He told MO about the inception of Wells Fargo’s hospitality lending arm, where the market may be heading as 2015 approaches and two newsworthy deals his team recently closed. The 53-year-old Maryland native received his bachelor’s degree in 1983 and his Master’s of Business Administration in 2005, both from Duke University. He joined Wells Fargo in 1988. Read More

Sales Beat

SL Green to Sell Three Manhattan Assets

180 Broadway. (PropertyShark)

SL Green Realty Corp. has agreed to sell three of its Manhattan assets, the real estate investment trust announced today. The deals, for 2 Herald Square, 180 Broadway and 985-987 Third Avenue, will generate net cash proceeds of $240 million, according to a press release.

The REIT will sell the leased fee interest in 2 Herald Square for $365 million. SL Green acquired the interest in joint partnership in 2007 before consolidating its position in 2010, the landlord said. Read More


Savanna Puts Twitter’s NYC HQ Building on the Market

245-247 West 17th Street.

Following a $29.4 million gut renovation, Savanna has put 245-249 West 17th Street on the market, hiring Eastdil Secured to sell the 12-story office tower and adjacent six-story mixed-used building, according to marketing materials obtained by Commercial Observer.

Together the Gold LEED-certified buildings between Seventh and Eighth Avenues and 17th and 18th Streets have 281,294 square feet, including 18,945 square feet of ground-floor retail space. Read More

Sales Beat

Carlyle Doubles its Money with $117.8M Flatiron Sale

912-920 Broadway.

The Carlyle Group and ClearRock Properties have sold an office building at 912-920 Broadway for $117.8 million, a building they purchased last year from Yeshiva University for $58.5 million.

On Feb. 27 of last year, Carlyle, a global alternative asset manager, issued a press release that the firm, and ClearRock, a northeast regional owner and operator, would invest more than $10 million to upgrade their 17-story, 110,000-square-foot 21st Street building. Today Carlyle declined to comment on how much it had actually spent on the renovations. Read More

Sales Beat

Deutsche to Buy Stake in 222 Broadway: Report

222 Broadway.

Deutsche Asset & Wealth Management has agreed to acquire a 95-percent stake in 222 Broadway, Real Estate Alert reported yesterday. The deal, brokered by Eastdil Secured, values the property at approximately $500 million.

Beacon Capital and L&L Holding Company paid Bank of America $230 million for the building in 2012. Boston-based Beacon is selling its equity stake in the building while L&L will stay on as a partner and building manager, according to the report. Read More

Sales Beat

Purchase of Thor Equities’ 530 Bway Closes at $326M [Updated]

530 Broadway

A joint venture led by Jeff Sutton’s Wharton Properties has nabbed a three-building site at 530 Broadway from Joseph Sitt‘s Thor Equities for $326 million. The sale closed on March 6 and appeared in public records today.

The retail mogul bought the 11-story property to extend his dominance in Soho. It hit the market in February 2013 and Mr. Sitt agreed to sell it to the new owners that September.  Read More

On the Market

Socony-Mobil Building on the Market

Socony-Mobil Building. (Credit: PropertyShark)

The Sacony-Mobil Building, a 1.7 million-square-foot office tower at 150 East 42nd Street is on the market, according to Bloomberg News. The building’s owner, Hiro Real Estate, a Japanese investment firm, is asking $900 million for the long-term leasehold.

The building is 90 percent occupied and has two major tenants, Wells Fargo and Mount Sinai Hospital, which each occupy approximately 500,000 square feet. The 42-story tower is located less than a block from Grand Central Terminal. Read More

Sales Beat

Oxford Properties Group to Buy 450 Park Avenue

450 Park Avenue. (Credit: ProeprtyShark)

Oxford Properties Group, a division of the Ontario Municipal Employees Retirement System, has agreed to acquire 450 Park Avenue from Somerset Partners and Michael Tabor for $575 million. The sale values the 33-story office tower at over $1,700 per square foot, according to The New York Times, which first reported the deal.

“A lot of pension funds, Asian companies, sovereign funds and other investors are increasing their allocations for real estate,” Douglas Harmon of Eastdil Secured, who brokered the deal, told the Times. “If you do that, the first place you want to be is Manhattan.” Read More

On the Market

Vornado Asking $650 M. for 1 Park Ave.


Vornado Realty Trust is reportedly planning to sell 1 Park Avenue and is seeking roughly $650 million for the office tower.

The real estate investment trust, which has interests in more than 20 million square feet of Manhattan office space, has hired Douglas Harmon and Adam Spies of Eastdil Secured to market the 20-story, 925,000-square-foot Read More

Sales Beat

Time Warner Sells Headquarters Space, Will Move to Hudson Yards

Time Warner Center. (Courtesy Property Shark)

A venture of the Related Companies, the Abu Dhabi Investment Authority and Singapore’s GIC has purchased the office space of Time Warner Inc. at the Time Warner Center for $1.3 billion, the seller announced today.

Time Warner will relocate its corporate headquarters and New York City employees from Columbus Circle to Related’s Hudson Yards. The company has made an “initial financial commitment” to the development, according to a press release. Time Warner has agreed to lease back office space in the Time Warner Center until 2019, when the development at Hudson Yards is expected to be complete. Read More