Paramount adds times square's Candler tower to city portfolio.As REW first reported April 15, Paramount Group, Inc. has purchased the Candler Tower, a 24-story Class A Manhattan office and retail property containing 227, 685 s/f of rentable space. The building is located at 220 West 42nd Street, on the south side of the New 42nd Street between 7th and 8th Avenues in the Times Square District. The Disney Company's New Amsterdam Theatre The New Amsterdam Theatre is a Broadway theatre located at 214 West 42nd Street in the heart of Times Square in New York City. It was built in 1903 by the partnership of impresarios A.L. Erlanger and Marcus Klaw and designed in the Art Nouveau style by architects Herts and Tallant. and Madam Tussaud's Wax Museum flank the building. W. P. Carey & Co. LLC negotiated the sale on behalf of two of its non-traded REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). affiliates, Corporate Property Associates 14 and Corporate Property Associates 15, that jointly owned the property. The entire Candler Tower is triple-net leased to SFX, one of the world's largest producers and promoters of live entertainment events. SFX is the primary operating entity of Live Nation, Inc. The SFX lease is guaranteed by Clear Channel Communications Not to be confused with clear channel radio stations, which are AM radio stations with certain technical parameters. Clear Channel Communications (NYSE: CCU) is a media conglomerate company based in the United States. , and expires September 2020. The building's retail space is fully occupied under a sublet arrangement to McDonald's for its flagship Times Square location, one of the global restaurant chain's highest grossing units. McDonald's recently invested more than $13 million in improvements to the first three floors of the property, two of which are the restaurant space. "Candler Tower is an important addition to Paramount Group's Manhattan portfolio," said Paramount Group President & 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. Albert P. Behler. "The property represented an unprecedented opportunity to acquire a fully leased, recently renovated Class A property with guaranteed escalating rental income through the year 2020 at a significant discount to replacement cost. In addition, its Times Square location at 'the Crossroads of the World Designed by Robert V. Derrah and built in 1936, the Crossroads of the World has been called America's first modern shopping mall. Located on Sunset Boulevard and Las Palmas in Los Angeles, the mall features a central building designed to resemble an ocean liner surrounded by a ,' only made the buy that much more attractive." Asa Candler, a wholesale druggist An individual who, as a regular course of business, mixes, compounds, dispenses, and sells medicines and similar health aids. The term druggist may be used interchangeably with pharmacist. who purchased the Coca-Cola formula for $2,300 in 1887 and invested his company's early profits in real estate, built Candler Tower in 1912. Designed in late gothic and early Renaissance style by renowned architectural firm Willauercar, Shape & Bready, the property was once the tallest structure in Midtown Manhattan. One of the last remaining white terra-cotta skyscrapers 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. , Candler Tower was restored to its original grandeur in the mid 1990s through a $35-million capital improvement program that encompassed core and shell redevelopment. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion