125 Park Ave. sold for $225m.Shorenstein Co. is picking up 125 Park Ave AVE Avenue AVE Average AVE Alta Velocidad Espanola (train between Madrid and Seville) AVE Alta Velocidad Española (Spanish: High Speed Train) AVE Audio Video Entertainment AVE Advertising Value Equivalent . for $225 million, to be included in its sixth investment fund. The 25-story, 575,000 s/f office building that is nearly 100% leased at Grand Central, is being sold by Watch Holdings, a subsidiary of GE, which is also a tenant. A source familiar with the deal told Real Estate Weekly Shorenstein does not have a reputation for paying a high price for buildings, but the ability to close the deal in just over a month was appealing. The deal is expected to close in early September September: see month. , the source said. Woody Woody Slang to describe when the market has a strong and quick upward movement. Notes: For example, you'll hear "the market has a woody," when the market is performing well... seriously, we don't make this stuff up. Heller of Studley, who represented the seller, Watch Holdings, said the building's location and big name tenants also helped to secure the deal. "The building has one of the best locations in the country," said Heller. "It sits right on top of Grand Central Station." Its tenants include magazine publishers Meredith and Reed Elsevier and Newmark & Co. Heller also said with a roll of "high-credit tenants," and being nearly fully leased, future plans may be to make improvements to the building enabling Shorenstein to substantially raise rents in the 80-year-old building. Shorenstein closed on its seventh investment fund in February, but has not started to add acquisitions to the fund as of yet. Since 1992, Shorenstein has sponsored a series of closed-end real estate investment funds Noun 1. investment funds - money that is invested with an expectation of profit investment assets - anything of material value or usefulness that is owned by a person or company . These funds have acquired and developed over 16 million square feet of Class A office properties throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Recent properties acquired by Shorenstein's in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. in previous funds include 450 Lexington Avenue and 1440 Broadway. The company has also acquired buildings in Chicago, Washington D.C., Boston, Miami and San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden . Shorenstein Co. is privately owned and headquartered in San Francisco and owns and operates a portfolio of Class A office buildings totaling more than 20 million s/f and valued in excess of $4.5 billion. The company is engaged in all aspects of office building investment, development, financing, leasing, construction, and management. |
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