Thursday, May 21, 2015

HFF arranges $38.1 million in preferred equity for Midtown South office property in Manhattan, NY

  

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.

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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