Max Capital pays $775m for buildings within 10 days: 450 West 33rd goes for $320m.Max Capital Management Corp. has paid $320 million in a deal to purchase 450 West 33rd Street, the prominent 1.7 million SF, 16-story home to several major media corporations, including the Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. . Adam Hochfelder, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the Manhattan property ownership and investment firm, which had partially owned the building, bought out his original co investors, Angelo Gordon Co. and the Lonestar Fund, at $188 per SF "We're very big believers in the West Side redevelopment and this asset is right in the heart of the West Side redevelopment program," Hochfelder said. "We think it's the last untapped growth area in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. ." Max Capital was represented in the sale by Fried, Frank, Harris and Shriver shrive v. shrove or shrived, shriv·en or shrived, shriv·ing, shrives v.tr. 1. To hear the confession of and give absolution to (a penitent). 2. . Eastdil Realty exclusively marketed the property. The building's total floor size is bigger than a combination of one football field, one hockey rink, three basketball courts and 22 boxing rings combined, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Max Capital's Web site. Tenants include the AP; WNET/13, a public television station; the New York Daily News New York Daily News Morning daily tabloid newspaper published in New York City. It was founded in 1919 by Joseph Medill Patterson and his cousin Robert McCormick as a subsidiary of the Tribune Co. of Chicago. The first successful tabloid-format newspaper in the U.S. and U.S. News and World Report. "(With) column spacing, huge floorplates and ceiling height, it's really an ideal media structure," Hochfelder said. Built in 1967 and renovated in 1991 the building features a-double-height lobby and floorplates ranging from 100,000 to 120,000 SF. In June, the AP finalized plans to move to 450 W. 33rd St. from its Rockefeller Center Rockefeller Center, complex of buildings in central Manhattan, New York City, between 48th and 51st streets and Fifth Ave. and the Ave. of the Americas (Sixth Ave.). The project was sponsored by John D. Rockefeller, Jr. headquarters, where the news organization had remained for 65 years. The AP leased 290,773 SF at 450 W. 33rd, comprising floors 14 through 16 and space on the building's mezzanine and basement levels. The 15-year, $170 million lease ranked No. 4 by square feet on CoStar's Top Office Leasing Deals for the first half of 2003. Much of the space was once occupied by Internet marketer DoubleClick, whose workforce steadily shrank after the dot-com collapse. Max Capital officials reported the AP would be able to provide its employees with several appealing amenities, such as athletic facilities, an outdoor terrace, a health club and a cafeteria. |
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