$270m buys partners 195 Broadway prize.L&L Acquisitions and GE Asset Management are on a roll. After bagging 600 Third Avenue amid fierce competition last summer, the duo entered into another successful joint venture for 195 Broadway, signing a $270 million contract to buy the 1 million s/f, 29-story property on January 11 from real estate owner/developer and MTA (1) (Message Transfer Agent or Mail Transfer Agent) The store and forward part of a messaging system. See messaging system. (2) See M Technology Association. 1. (messaging) MTA - Message Transfer Agent. chairman, Peter Kalikow. Located directly adjacent to the Fulton Street Transit Center The Fulton Street Transit Center is a $750 million project, currently in progress in New York City, USA, that will improve access to and connections between 12 subway services stopping at Manhattan's Fulton Street, PATH service and the World Trade Center station in Lower Manhattan. development site--the soon-to-be epicenter of downtown's public transportation revival--195 is considered to be one of the finest prewar buildings in one of the most desirable downtown locations. Robert Lapidus, president and chief investment officer of L&L Acquisitions, indicated that the building will not just passively benefit from its proximity to the transportation hub Transportation hub is a location where traffic is exchanged across several modes of transport. These modes may include any of railway, tramway, rapid transit, bus, automobile, truck, airplane, spacecraft, ship, ferry, pedestrian or any other kind of transportation. . "I think that we will look to do something over time that will work synergistically syn·er·gis·tic adj. 1. Of or relating to synergy: a synergistic effect. 2. Producing or capable of producing synergy: synergistic drugs. 3. with the Fulton Street station," Lapidus said. "We have a plan that we're looking at." L&L is known for its value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. renovations, but Lapidus admitted that the firm won't need to do much for 195 Broadway. The class A building's distinctive Granite facade and marble columned lobby has instilled it with a mystique that has lured a steady influx of tenants since the building was erected as AT&T's headquarters in 1913. This, as well as the building's updated infrastructure and amenities, is why the property has avoided the recent residential conversion boom that has thrived especially on downtown's class B and C office stock. The deal, like most these days, moved at blinding speed, with L&L conducting its due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. in little more than a few weeks. GE's brawn brawn n. 1. Solid and well-developed muscles, especially of the arms and legs. 2. Muscular strength and power. 3. Chiefly British The meat of a boar. 4. Headcheese. came in handy, however, when it was time to put down the nonrefundable $20 million deposit necessary to seal the contract. "Welcome to the crazy real estate world of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ," Lapidus said. "But GE gets it. They know how to move, which is rare for a pension, and we've been able to grab hotly contested properties with them. We look forward to partnering with them on more deals." The potential upside for L&L is the building's vacant top three floors, worth 120K s/f of space. "We'll look to get that leased up which will boost cash flow," Lapidus said. "We've already done a great job turning 600 Third Avenue around, we're signing leases there at $8 more per s/f than our underwriting had projected." |
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