JV drops $162m on retail ops.SL Green Realty Corp. announced that the company has entered into two separate joint ventures with Jeff Sutton. The first venture is to acquire the fee interests in two adjoining retail buildings at 1551 and 1555 Broadway, and in a third retail and commercial building at 21 West 34th Street. The second joint venture includes acquisition of a mixed-use property at 141 Fifth Avenue. The transactions total-approximately $162.5 million. Andrew Mathias, Chief Investment Officer of SL Green, commented, "These transactions represent a significant initiative to partner with Jeff Sutton on under-performing retail opportunities. "Jeff is a borrower in our structured finance program and brings with him an impressive track record of repositioning underperforming retail spaces throughout Manhattan. Jeff's niche expertise in retail, together with SL Green's capabilities in redevelopment and operations, establishes a highly experienced and integrated management team." Sutton has a proven ability of maximizing value in Manhattan retail-oriented investments, including the successful repositioning of 609 Fifth Avenue with American Girl American Girl, may refer to:
1551 and 1555 Broadway are located in the center 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 City's Times Square on the corner of Broadway and 46th Street, the "bow tie" of Broadway and Seventh Avenue. The location is regarded as one of the world's highest profile retail corners. Built in the 1890's, and most recently occupied by a Howard Johnson's Howard Johnson’s restaurant-motel chain throughout America; buildings recognized by their bright orange roofs. [Trademarks:Crowley Trade, 274] See : Ubiquity restaurant, the properties offer 71 feet of premium retail frontage along Broadway, with highly visible sight lines. The project was financed through a new acquisition facility provided by Eurohypo. The buildings are within close proximity to 1515 Broadway, an office/retail property also owned by SL Green. 1515 Broadway is the world headquarters to Viacom International Viacom International, Inc. is a current subsidiary of Viacom (as was the case with Viacom's predecessor). It is the holding company for copyrights associated with Viacom's corporate website and its cable networks. and includes other media, finance and entertainment tenants such as the MTV MTV in full Music Television U.S. cable television network, established in 1980 to present videos of musicians and singers performing new rock music. MTV won a wide following among rock-music fans worldwide and greatly affected the popular-music business. Store, Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. and AEG AEG Aeger (Latin: Sick) AEG Allgemeine Elektrizitäts-Gesellschaft (Common Electricity Company) AEG Aircraft Evaluation Group AEG Association of Engineering Geologists AEG Air Expeditionary Group Live Entertainment, which is scheduled to open the Nokia Theatre The Nokia Theatre is a 28.5 acre live entertainment venue located in Grand Prairie, Texas, a suburb between Dallas and Fort Worth, Texas. Known as the theatre of the future for it's state of the art facilities, the theatre seats 6,350 people. this fall. The retail space, which underwent a successful redevelopment and repositioning program last year, is now 100 percent leased at rents among the highest in Times Square. Mathias said, "1551 and 1555 Broadway represent off-market acquisitions that were targeted by us due to the desirable location of these properties in the heart of Times Square and for the significant retail development opportunity. "As with 625 Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. , 317 Madison Avenue, and 1515 Broadway, this property increases our portfolio allocation to high-end retail space in premier locations throughout Midtown." Also included in the first venture is 21 West 34th Street, a five-story retail and commercial building that features 50 feet of prime retail frontage on 34th Street. It is located between 5th and 6th Avenues, close to Herald Square and Penn Station. In a second venture, which is scheduled to close during the third quarter, SL Green and Jeff Sutton will acquire 141 Fifth Avenue, a retail/office building located at the corner of Fifth Avenue and 21st Street for $60 million. |
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