Columbia University to market GE building with Mendik, Soros.In a move will cause jealous arched eyebrows in the real estate and financial community, Columbia University Columbia University, mainly in New York City; founded 1754 as King's College by grant of King George II; first college in New York City, fifth oldest in the United States; one of the eight Ivy League institutions. has chosen to work with Bernard and George Soros George Soros Born in Budapest, Hungary, in 1930, George Soros is considered by many to be one of the world's greatest investors. A famous hedge fund manager, Soros managed the Quantum Fund, a fund that achieved an average annual return of 30% from 1970-2000. to place into the rental market the 50-story General Building that was presented as a gift to the university a year ago with great fanfare. Since that time, the university has gained a new president and is rethinking its priorities for the property. Initially, the university officials had thoughts of classrooms and an alumni club, but now they are looking at a burgeoning Midtown market and considering the commercial tower to be more of an income producing asset. The 340,000 square-foot building, located at 570 Lexington Avenue at 51st Street, is landmarked and has spectacular views from its tower floors. General Electric will continue to occupy a portion of the building and California is expected to take some of the floors as well. Under its agreement with GE, Columbia cannot sell the building for at least five years. "We are doing a joint venture where Columbia will continue to own the building and Bernard Mendik will be putting in an equivalent amount of money," explained Henry L. King, chairman of the Columbia University Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. and a partner with Davis Polk Wardwell. John Silberstein, senior vice president and general counsel of the Mendik Company, said they have an agreement in principle with Columbia, but are working on the final documents. Soros' Quantum North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. Realty Fund will be part of the joint venture with Columbia. "Soros is a partner in it and will be contributing a lot of the funds, Silberstein added." Decorative touches at 570 reflect their corporate identity, including a GE initial corner clock, electric bolts and halos of electrical rays. The property is faced with terra cotta cot·ta n. pl. cot·tae or cot·tas A short surplice. [Medieval Latin, of Germanic origin.] and was designed to blend with St. Bartholomew's Church next door. When the Rudin's constructed 560 Lexington, they sought to blend in Verb 1. blend in - blend or harmonize; "This flavor will blend with those in your dish"; "This sofa won't go with the chairs" blend, go fit, go - be the right size or shape; fit correctly or as desired; "This piece won't fit into the puzzle" with the neighboring GE Building, as well. The property was restored in 1985. Silberstein said millions of dollars will be spent on improving mechanical items such as elevators and HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free systems. The money will also be there for expected tenant improvements once the floors are leased. There was a need for tenant work and a requirement for capital to do so, explained King. "We're reserving space and the amount hasn't been decided yet, and for how much or what use. It would not be for the college or undergrads This article is about the television show. For the educational term, see undergraduate education. This article or section does not cite its . You can Wikipedia by introducing appropriate citations. , but for graduate studies," he added. "The tower floors are great," noted King. "They are small floors and have super views." |
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