CBRE helps German firm in $292m sale of 2 Park.CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. helped to close the $292 million-sale of Vornado Realty Trust's Two Park Avenue property that was acquired by a highly-rated German capital investment firm, SEB Noun 1. SEB - a form of staphylococcal enterotoxin that has been used as an incapacitating agent in biological warfare staphylococcal enterotoxin B Immobilien-Investment GMBH. The 29-story, 965,000 SF building, built in 1928, was renovated in the 1980s and just about sold itself, said Woody Heller of CBRE CBRE CB Richard Ellis (real-estate firm) CBRE Chemical, Biological, Radiological and Explosive CBRE Component-Based Reliability Estimation CBRE Coldwell Banker Richard Ellis (Boston, MA) , who arranged the deal. "It's the first time a German buyer has purchased a pre-war building in midtown, that is considered a major property for $292 million," said Heller about the recent sale. "The building was hotly sought after." With long-term, high-profile tenants already in place, it was a good investment, Heller said. "The reason it was an attractive deal was because it was in pretty good shape and it had long-term tenants in place," Heller said of the Class B office space. "The tenants are very happy with the space." ]Tenants include The Tribune Company, Hartford Fire Insurance and United Way 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 . The building also boasts several retailers that are also staying, including an upscale French restaurant called Artisanal; Quality House, a high-end wine store, and North Fork Bank North Fork Bank was an American bank headquartered in Melville, New York purchased by Capital One at the end of 2006 for $14.6 billion U.S. dollars. It was only the second bank bought by Capital One, and was the larger of two acquisitions comprising Capital One's 2005-06 expansion . SEB is highly rated by Moody's Investment Service. In January 2003, Moody's gave SEB a five-star rating, the best performance consistency rating that can be awarded. SEB also has a management quality rating of "Aa2," Moody's third highest rating of excellence based on the company's "motivated, dynamic and multinational team" of employees, who boast many years' experience in real estate. Vornado Realty Trust Vornado Realty Trust (NYSE: VNO) is a New York based real estate investment trust. It is the inheritor of real estate formerly controlled by companies including Two Guys and Alexander's. expects a gain of $157 million on the sale. |
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