Related buys 10th Avenue trophy.Somerset Somerset, cities, United States Somerset. 1 City (1990 pop. 10,733), seat of Pulaski co., S Ky., in a farm, coal, and limestone area of the Cumberland foothills; inc. 1810. Partners announced that it has signed a definitive agreement to sell one of its trophy office properties, 85 Tenth Avenue, to Related, the 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. real estate development company headed by 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. Stephen M. Ross For other persons named Stephen Ross, see Stephen Ross (disambiguation). New York City-based real estate developer Stephen M. Ross is founder, chairman and CEO of The Related Companies, L.P. , for approximately $430 million. The company expects the transaction to close at the beginning of the second quarter 2007. Somerset intends to use the majority of the proceeds to accelerate their growth objectives and further expand their asset portfolio. Somerset principals, Keith Rubenstein and Marshall Allan, headed the transaction, with investment broker Douglas Harmon of Eastdil Secured representing the firm in the sale. "We recognized this building to be a diamond in the rough when we originally purchased it. Although, at the time of our purchase, the price seemed high to others, we knew that the unique nature of the building, its credit tenants and dynamic location were certain to allow us to realize substantial upside Upside The potential dollar amount by which the market or a stock could rise. Notes: This is basically an educated guess on how high a stock could go in the near future. See also: Bull, Downside ," said Keith Rubenstein, principal, Somerset Partners. Purchased in July 2005, 85 Tenth Avenue represented the first office acquisition for Somerset Partners, who followed the purchase with the acquisition of 1801 K Street in Washington, DC for $250 million. In addition to its office portfolio, Somerset has built a $300 million portfolio of more than 3,000 apartments throughout the Southwest and Southeast U.S. over the last five years. Built in 1913, 85 Tenth Avenue, the former Nabisco Factory, has since benefited from nearly $200 million of capital improvements which was invested by previous owners, and is today one of the most technically advanced buildings in the country. With 12 building generators providing 2 megawatts of redundant (back-up) power each, the building can fully function on its own without public power or water for up to 30 days. The building is currently 100% leased to credit tenants including the U.S. Government, Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. , Moet Hennessy and the State 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 . It features 56,000 s/f floor plates, high ceilings, 14-ft. window lines and unobstructed City and water views. 85 Tenth Avenue is also the home of two of New York's most renowned restaurateur's latest venues: Chef Tom Colicchio's Craft Steak and Chef Mario Batali's Del Posto. |
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