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| 95 Morton Street, Midtown South, Manhattan, NY |
NEW YORK, NY -- HFF
announced today that it has arranged a $38.1 million preferred equity
investment in 95 Morton Street, a
205,000-square-foot Class A office property located in Midtown South,
Manhattan.
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| Jay Marshall |
HFF worked on behalf of the owner, Brickman, to secure the
preferred equity through a national REIT.
The capital will be used to complement existing low-leverage financing,
support further lease-up and allow for additional base building capital
improvements.
95 Morton Street is located in the West Village neighborhood
of Manhattan, one block from the Hudson River and Hudson River Park, and within
walking distance of subway lines 1, ACE, BDF and the PATH train. Originally built in 1911, the property was
renovated in 2000 and is 88 percent leased to a variety of technology,
advertising, media and information tenants.
The HFF equity placement team was led by senior managing
director Jay Marshall, associate
director Christopher Peck and
associate director David Fowler.
“Brickman’s foresight to invest in the West Village office
market prior to its emergence as a premier submarket resulted in a tremendous
amount of imputed value. We were pleased
to be able to provide a national REIT with an excellent investment opportunity
in a hyper competitive market and at the same time lower Brickman’s original
basis,” said Marshall.
For a complete copy
of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873
| www.hfflp.com
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