400 Park Avenue

Transaction Summary

  • Acquisition Date: August 2010
  • Equity Committed: $70 Million
  • Asset Type: Office Building
  • Size: 260,000 SF
  • Location: New York, NY

Situation Overview

  • Formed Equity Joint Venture with a U.S. Domestic Pension Fund advised by J.P Morgan Asset Management.
  • Company has successfully executed on a five-point business plan:
  • Remove bankrupt retailer, SYMS, from bottom six floors.
  • Restructure/Expand/Offer City National Bank identity and first retail branch in NYC to re-define building.
  • Restructure of ground lease to provide for a 75-year extension, and source and close low-LTV financing with Deutsche Bank.
  • Extensive capital improvement program.
  • Lease-Up of vacant space.
  • Building is now entitled under the new Midtown East Rezoning, which allows for the gross square footage of the building to be increased to 313,800 sf from the existing building’s 222,930 sf, a 40.8% increase in gross square footage.