Tuesday, July 8, 2008

$90M Refinancing Arranged by HFF for Retail and Office building in Manhattan’s Meatpacking District


NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged a $90 million refinancing for 401 West 14th Street, (above centered photo) a 62,199-square-foot retail and office building in Manhattan’s Meatpacking District. (top right map)

Working exclusively on behalf of the owner, a partnership comprised of affiliates of Taconic Investment Partners, LLC and ING Clarion Partners, HFF managing director Evan Pariser and senior real estate analyst Todd Newman placed the five-year, adjustable-rate loan with Landesbank Hessen-Thuringen Girozentrale (Helaba).

Originally constructed in 1927, 401 West 14th Street has undergone major redevelopment and repositioning since it was acquired by the owners in 2005 including the addition of a 9,000-square-foot penthouse and a complete renovation of the base building. The four-story, Class A property is currently 100% leased to Apple Inc., Hugo Boss Retail Inc., Moschino and Tudor Investment Corporation.

The anchor tenant, Apple, Inc., leases a portion of the ground floor and the entire second and third floors, as well as the rooftop billboard.

(Manhattan meat-packing district view at left)

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.

CONTACTS:

Evan Pariser, HFF Managing Director, 212 245 2425, epariser@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

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