Sales Beat

Munich-Based Company Drops $80M on Midtown Retail Space

136 West 42nd Street

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. Read More

Lease Beat

Jennison Associates Renews, Expands at 237 Park Avenue

Rendering of the entrance to 237 Park Avenue.

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. Read More

Renderings

Renderings Revealed for 237 Park Avenue

Rendering of the entrance to 237 Park Avenue.

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.  Read More

Sales Beat

RXR Realty to Acquire 237 Park Avenue

Scott2

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. Read More