EVERYBODY GETS INTO THE POOL
MACKLOWE TOWER POOL DRAWS BIDS
June 18, 2008
NEARLY 100 bidders from around the world have submitted offers to Eastdil Secured for the four Macklowe Properties that comprise the so-called Pool One.
The office towers include the trophy Worldwide Plaza, the office portion of 1540 Broadway in Times Square and the boutique buildings of Tower 56 and 527 Madison Ave.
"The sellers are essentially a consortium of lenders that made up the 'broken' syndication," said one source familiar with the proceedings.
"You have many different sellers who have stakes at very different levels. Some just want their money back. It's very complicated."
The bidders include locals, real estate investment funds, pension funds, insurance companies and sovereign wealth funds.
"If you've heard of them they are in it," added another source on condition of anonymity.
Now, the investment advisers at Eastdil have to figure out which bids will maximize the value as participants were allowed to bid on any combination of one to all four properties.
It's also possible a second round of bids could be requested.
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It looks as if the Abu Dhabi Investment Council will get its hands on 90 percent of the Chrysler Building for its $800 million.
That's more than the 75 percent we wrote it was getting last week. A deal could be signed as early as next week.
Our sources tell us that Tishman Speyer Properties' own stake will also drop to 10 percent from 25 percent.
As part of the deal, ADIC also wants TSP to take out a so-called mezzanine loan (like a second mortgage) through one of its subsidiary banks.
Stay tuned.
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Omnicom just inked a lease for another 80,000 feet at 200 Varick St.
The deal encompasses the entire third and fourth floors of the 410,000-foot building, which had an asking rent of $45 a foot.
Omnicom divisions Doremus and Merkley Partners already occupy 100,000 feet in the building.
Lee Feld of Feld Real Estate worked for Omnicom, while Jeffrey Gural and Donna Vogel of Newmark Knight Frank repped the in-house ownership.
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Who needs Omnicom or Newsweek when you can have HQ Global Workplaces?
The spot for start-ups signed a 22,370 foot lease at the Sapir Organization's 100 Church St. and already has over 35,000 feet at Sapir's 260 Madison Ave.
Omnicom and Newsweek were both thisclose to signing big deals at the World Trade area property - now undergoing renovations - before signing elsewhere.
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Arthur Carter, the founder and former publisher of The New York Observer, now has more time to spend on his own artworks and collections.
He just leased a 2,400-foot "retail" space at 50 E. 78th St. to show off both his works and those of other artists in his own, tucked away gallery.
