Sutton underwrites 6 Times Sq. deal.

Sutton Land Title Agency, a division of Sutton Alliance, in association with First American Title Insurance Company have successfully underwritten the recent $300 million acquisition of 6 Times Square in New York by Istithmar Six Times LLC from 6 Times Square LLC, a Sitt Asset Management Company. The transaction closed February 12, 2007.

The 298,000 s/f 15-story office building is a major commercial property situated on the southeast corner of 42nd Street and Broadway (1462/1470 Broadway) in the heart of Times Square. The building is a historic landmark commissioned by Colonel John Jacob Astor and constructed in 1906 as the Knickerbocker Hotel. It is now a premier office and showroom building, renovated in 1980 by Libby, Ross & Whitehouse, who preserved the magnificent classical facade with its mansard crown.

"Our National Commercial Services team specializes in closing high-end, multi-structured deals," said Scott Spinner, President, General Counsel of Sutton Alliance. "We closed the deal at an accelerated schedule to meet the seller's goals without compromising the quality of the closing process."

This real estate transaction represents one of several major commercial properties Sutton Land Title Agency has closed in the past several months. Other properties include the $116.5 million purchase of the Tallahassee-Leon Civic Center in Tallahassee, Florida, the $80 million refinance of 111 Livingston Street in Brooklyn, New York -and a multi-site transaction involving a portfolio comprised of seven different properties located in Upstate New York, Pennsylvania and Ohio, which was purchased for $86 million.