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| 711 Fifth Avenue, New York, NY (Photo by Taylor Crothers with CTC Studio) |
NEW YORK, NY, March 13, 2020 — JLL Capital Markets secured a $545 million loan to finance 711 Fifth Avenue in New York on behalf of the development group led by SHVO, including Deutsche Finance America and BLG Capital. Goldman Sachs led the financing.
Bethlehem Engineering Corp. designed the 18-story building that was constructed in 1927 as the original headquarters of NBC. The historic building features 340,024 square feet of space, with 284,061 square feet of office space and 55,963 square feet of retail.
The property is located just steps away from Central Park and the world-renowned 57th Street luxury residential corridor, also known as Billionaire’s Row.
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| Kristen Knapp |
The prime corner location offers more than 124 feet frontage along the Upper Fifth Avenue Corridor, the second most expensive retail corridor in the world, and 154 feet of frontage along East 55th Street.
SHVO, Deutsche Finance America and BLG plan to increase the tenant experience at 711 Fifth Avenue through several value-add strategies. The owners are planning on building upgrades that include lobby renovations, mechanical repairs, and expansion of terraces and outdoor space.
The SHVO-led development team has acquired seven properties during the past 18 months, including 685 Fifth Avenue, 711 Fifth Avenue and 530 Broadway in New York; the Raleigh, Richmond and South Seas hotels on Miami Beach and 9200 Wilshire Boulevard in Beverly Hills, Calif.
SHVO and its partners were represented by a JLL team led by Michael Tepedino, David Sitt, Robert Tonnessen, Kristen Knapp and Sophie Gaylor. Morris Missry of law firm Wachtel Missry LLP served as legal advisor for this investment, as well as for the seven other acquisitions by SHVO and its partners.
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| Sophie Gaylor |
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| Michael Tepedino |
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| David Sitt |
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.
The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.
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| Robert Tonnessen |
The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
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| Morris Missry |
About SHVO:
SHVO is a residential, commercial, and hospitality real estate owner and developer known for acquiring, developing, and operating unique properties in iconic locations.
SHVO’s more than $7 billion portfolio includes revitalized landmarks, new ground-up developments, and mixed-use properties in the world’s most sought-after locations, including Fifth Avenue in Midtown Manhattan, Collins Avenue in Miami Beach, Wilshire Boulevard in Beverly Hills, Chicago’s Loop, and San Francisco’s Financial District.
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Michael Shvo
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Michael Shvo, Chairman and CEO, founded the firm in 2004 and is renowned as one of the real estate industry’s most visionary leaders.
Contacts:
Kristen Murphy
Senior Manager, Public Relations
JLL Capital Markets
One Post Office Square, Suite 3500
Boston, MA 02109
T +1 617 848 1572
M +1 617 543 4873
George Shea, Mark Faris
Company: Shea Communications
Phone: +1 212 627 5766
Email: mfaris@sheacommunications.com
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