New York, NY (11/11/2016)
NGKF Capital Markets, serving as the exclusive advisor to A-M Properties and Quality Capital, closed on $45.55 million in financing for the 14th - 17th floors of 420 Fifth Avenue, a Class-A office condominium building located two blocks south of Bryant Park. The four floors contain a total net rentable area of 71,960 square feet, which is currently 100% owner-occupied by the seller, Girl Scouts of America. Girl Scouts of America indicated that they will be vacating the space incrementally between closing through Summer 2017 when their current lease expires. Following Girl Scouts of America's exit, the Sponsor's business plan includes improving and modernizing the property's space in order to sign new long-term leases to high quality tenants that are seeking Class-A office space with a prime Midtown Manhattan location.
Executive Managing Director Jordan Roeschlaub and Managing Director Daniel Fromm led the NGKF Capital Markets team that arranged and structured a short-term floating-rate loan that was used to facilitate the acquisition at a sale price of $48.2 million, or $670 per square foot. Pine River Capital Management issued the senior loan, which included a future funding component to support near-term capital improvements and leasing costs associated with the subject property's repositioning plan.
"Combined with the strength of the sponsorship and the quality of the asset, our team ran an institutional process that ultimately allowed us to secure a favorable loan for the acquisition and repositioning of the property," stated Roeschlaub.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF's 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF's strong foundation makes it one of the most trusted names in commercial real estate. NGKF's full-service platform comprises BGC's real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.