CBRE rises to occasion with Phoenix lease.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. announced that it has arranged a 10-year, 10,466 s/f lease for the entire 5th floor at 645 Madison Avenue on behalf of Phoenix Realty Group, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a national real estate investment firm that provides capital and expertise to urban developers. CB Richard Ellis' Jordan Mandel and Ramsey Feher, both senior associates in the firm's Midtown office, represented Phoenix Realty Group in the transaction. Phoenix Realty Group attracts institutional capital to create middle-market for-sale and rental housing, low-income tax-credit housing, and community revitalizing commercial projects. "Phoenix is a New York-based company that required additional office space as a result of the company's recent expansion of its urban equity funding Equity funding An investment consisting of a life insurance policy and a mutual fund. The insurance policy is paid by the collateral value of fund shares, giving the investor the advantages of insurance protection with the growth potential of a mutual fund. component from California to the 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 Tri-State Region," Mandel said. "Ramsey and I spent an extensive amount of time educating ourselves about Phoenix's operations and working closely with the firm's key decision makers. Ultimately, we recognized installing Phoenix's future New York headquarters at 645 Madison Avenue was an ideal fit both operationally and economically." Built in 1970, the 140,000 s/f 645 Madison Avenue is home to tenants such as Capital Dynamics, Inc., Basswood basswood: see linden. basswood Any of certain species of linden common to North America. The name refers especially to Tilia americana, found in a vast area of eastern North America but centred in the Great Lakes region, and to T. caroliniana and T. Partners, Development Capital LLC, Millbank Memorial Fund, Stralem and Ann Taylor. In 2006, the owners of 645 Madison completed work on a $7 million lobby and building renovation. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion