Silverstein and CalSTRS close on 575 Lexington buy.Silverstein Properties and its joint venture partner, the California State Teachers' Retirement System (CalSTRS), closed on the deal to acquire 575 Lexington Avenue, a 35-story, 600,000 s/f tower at 51st Street. The partnership purchased the Midtown office building for $400 million, or about $665 psf. The acquisition of 575 Lexington Avenue marks the first under a new joint partnership between CalSTRS, a pension fund, and Silverstein Properties. The partnership provides Silverstein Properties with up to $2 billion in buying power Buying Power The money an investor has available to buy securities. In a margin account, the buying power is the total cash held in the brokerage account plus maximum margin available. Also referred to as "Excess Equity. to be used for acquisition purposes in the metropolitan area. "For the past five years, Silverstein Properties has been focused on the World Trade Center, and will continue to devote enormous resources to the rebuilding effort. Having now built up our staff and coming off a successful agreement with the Port Authority on rebuilding the site, the timing on this new investment partnership with CalSTRS couldn't have been better," said Larry A. Silverstein, president and 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 Silverstein Properties. Silverstein Properties will also serve as the management company for 575 Lexington Avenue. Following in the company's tradition of renovating Manhattan office buildings, the partnership will make a significant investment to upgrade various features of 575 Lexington Avenue, including the lobby, elevator cabs, lighting systems, and facade work. "Silverstein Properties is a key player in the 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 real estate market. We are confident that our partnership with Silverstein Properties will provide positive long-term investment returns for our members," said Michael Thompson Michael Thompson may refer to:
The partnership was advised by CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. Investors, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of CBRE CBRE CB Richard Ellis (real-estate firm) CBRE Chemical, Biological, Radiological and Explosive CBRE Component-Based Reliability Estimation CBRE Coldwell Banker Richard Ellis (Boston, MA) , in the acquisition of 575 Lexington Avenue. Vic Bucchere, managing director of CB Richard Ellis Investors, said, "The joint venture is a $2 billion vote of confidence in Silverstein Properties." Erected in 1958 by Sam Minskoff & Sons, the building at 575 Lexington was originally clad with gold-colored aluminum to commemorate the company's 50th anniversary in the building business. In 1965, Koeppel Companies LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control purchased the building, and in 1989, rehabilitated it by having the 100,000 s/f of exterior re-clad into a deep bronze aluminum grid. The renovation also provided for a new lobby, elevators and storefront. Major tenants of 575 Lexington Avenue include Cornell University, the law firm Boies, Schiller & Flexner and Radianz Americas, Inc. Retail tenants include New York Sports Club and staples. |
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