GLL Real Estate Partners acquired a 17,000-square-foot ground floor retail space for $80 million in the 38-floor, 280-room Hilton Garden Inn currently nearing completion at 140 West 42nd Street, Crain’s New York Business reported Monday.
The complex deal saw the prime retail location change hands from a partnership between the Dallas-based Highgate Holdings hotel operator and development firm and the Chicago-based Walton Street Capital real estate private equity firm to the deep-pocketed Munich-based buyers of the property, a real estate investment firm.
Jennison Associates has renewed its lease at 237 Park Avenue and expanded by 20,000 square feet.The investment firm’s existing 146,000-square-foot space will be increased to 166,000 square feet across three floors of the building.
The tenant, a wholly-owned subsidiary of Prudential Financial, has renewed its lease for 10 years, according to Crain’s New York Business, which first reported the deal. Asking rent for the space was in the $80s per square foot.
RXR Realty has released renderings of the revamped 237 Park Avenue after the recent open of the marketing office in the Class A office building.
To create the office, RXR, along with Walton Street Capital, gutted a floor and rebuilt the space at the 21-story building, between 45th and 46th Streets, to highlight the full potential of the 60,000-square-foot floor plate.
RXR Realty, a real estate operating and investment company affiliated with Walton Street Capital, has agreed to acquire 237 Park Avenue from an entity controlled by Lehman Brothers Holdings Inc., it was announced today.
The transaction has a large equity component with a low-leverage, existing loan in place, according to Scott Rechler, chairman and chief executive officer of RXR. According to multiple reports, the closing price is approximately $800 million.
Blackstone Group, a private equity firm that has spent billions to ramp up its real estate activity as of late, is set to purchase CalWest, an industrial portfolio comprised of 95 properties and worth $2.1 billion, according to the Wall Street Journal.