Hearst takes Sheffield office space.The partnership between real estate investors A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. Yair Levy, Serge serge 1
A twilled cloth of worsted or worsted and wool, often used for suits.
[Middle English sarge, from Old French, from Vulgar Latin *s Hoyda and Kent Swig that purchased The Sheffield in 2005 and converted the former rental property into luxury condominiums, has net leased the building's office space, street level retail, and below ground parking garage to the Hearst Corporation The Hearst Corporation is a privately-held American-based media conglomerate based in the Hearst Tower in New York City, USA. Founded by William Randolph Hearst as an owner of newspapers, the company's holdings now include a wide variety of media. .
The deal with Hearst comes with an option that will allow it to purchase the commercial components for $95 million--an acquisition opportunity that sources say it will likely exercise at some point during the term of the lease. In fact, Hearst agreed to a deal in which the rent it pays for the net lease will count towards an eventual sale.
The 105,000 s/f of office space, located on floors 2-4 in the building, could eventually serve as extremely convenient expansion space for Hearst in the event that the media giant grows beyond the confines con·fine
v. con·fined, con·fin·ing, con·fines
1. To keep within bounds; restrict: Please confine your remarks to the issues at hand. See Synonyms at limit. of its stunning new headquarters. The Sheffield, whose owners have renamed the building Sheffield57 since its conversion, abuts the Sir Norman Foster designed Hearst Tower There are two buildings named Hearst Tower:
Hearst will have to wait if it decides to open offices in the Sheffield57 however. The space is fully occupied by a handful of tenants including BMI BMI body mass index.
body mass index
Body mass index (BMI)
A measurement that has replaced weight as the preferred determinant of obesity. Music, which has its offices on two of the three floors. The leases roll over in roughly 4 years. The parking garage may also be used by Hearst to accommodate its employees and visitors to the company.
Sources say that the retail portion may not have been something that Hearst would have otherwise acquired had it not been bundled with the other components and I will function as an investment.
CB Richard Ellis's investment sales team led by Bill Shanahan and Darcy Stacom handled the sale.