Allied Partners Announces Pending Sale of Citigroup Center Stake to Partner Boston Properties.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 -- Allied Partners, a private real estate investment company headquartered 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. , announced it signed an agreement to sell its partnership interest in Citigroup Center to Boston Properties Boston Properties, Inc. (NYSE: BXP) is a self-managed real estate investment trust (REIT) based in Boston, Massachusetts. Its primary focus is "Class A" office space which it acquires, develops, and manages in the major markets of Boston, New York City, Washington, D.C. , Inc. (BXP BXP Border Crossing Point BXP Border Check Point BXP Bitmap External Process :NYSE NYSE See: New York Stock Exchange ), its partner in the acquisition of the property in 2001. The terms of the purchase were not disclosed. "We want to take advantage of the appreciation that trophy properties have realized and redeploy re·de·ploy tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys 1. To move (military forces) from one combat zone to another. 2. this capital to mine opportunistic real estate investments for greater returns," said Eric Hadar, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Allied Partners. "Boston Properties is a phenomenal partner, owner and property manager, and we are leaving the very stable Citigroup Center in great hands for the long term." The 59-story, 1.65 million-sq.ft. office and retail complex at Lexington Avenue and 53rd Street was built in 1979 and is ranked among the City's most famous properties. In addition to Citigroup Center, Allied Partners owns approximately 2 million square feet of office, retail, multifamily and hotel properties primarily in the New York area. According to Mr. Hadar and Robert Vahradian, President of Allied Partners, the company has earmarked $500 million in principal equity for investment in real estate. Allied Partners will focus on existing properties, real estate development and mezzanine lending in New York and certain major metropolitan markets worldwide. "We have tremendous in-house capital and move very quickly for the right opportunities," Mr. Vahradian said. The Allied Partners portfolio consists of 25 properties including recent acquisitions 568 Broadway, 95 Wall Street, 50 West 40th Street (a 300,000-sq.ft. development site on Bryant Park), and Woodbury Centre, a 250,000-sq.ft. shopping center in Woodbury, NY. In addition, Allied Partners is a principal in Terra Holdings, which generate $3 billion in sales annually through its Brown Harris Stevens, Halstead Property and Feathered Nest companies. These companies manage more than 300 buildings in Manhattan, making it the largest privately held residential real estate services company in New York. Allied Partners is also an active lender, specializing in the origination of mezzanine and preferred equity, as well as the acquisition of existing subordinate debt See Junior debt. positions. Said Richard Hadar, Chairman of Allied Partners, "We will use the great skills of our team, headed by Eric and Rob, to successfully redeploy the capital created through this sale on more opportunistic investments." Eric Hadar concluded, "We are delighted by our relationship with Boston Properties, and look forward to working with them again in the future." |
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