Big Change in Downtown Office Market: Taconic and Square Mile Buy Majority of 32-Story, 1.15-Million-sq.-ft. 375 Pearl Street; Hire Team for Leasing, Design, Construction, Engineering Purchase Condominium Ownership of 29 Floors from Verizon; Plan Extensive Renovation and Upgrade for Office Use
NEW YORK CITY - Taconic Investment Partners and Square Mile Capital have closed on the acquisition of a commercial condominium interest encompassing 1,150,000 square feet of space at the 32-story, 1,250,000-square-foot office building, 375 Pearl Street, from Verizon.
The joint venture plans an extensive re-development of the building into a modern, multi-tenant office tower. The renovations will include a new facade to open up the spectacular views, a new lobby, a new HVAC system, new bathrooms and a reconfiguration of the core to include the addition of up to six new elevators, says Ari Shalam, Senior Vice President and Director of Acquisitions for Taconic.
The new owners have engaged a notable leasing and development team, including: CB Richard Ellis, led by Robert Alexander, Robert Stillman and Brian Gell, for leasing; Cook + Fox, as project architect; Severud Associates as structural engineer; Jaros Baum & Bolles as mechanical engineer; Tishman Interiors Corporation, as general contractor; and Israel Berger & Associates, Inc., as curtain wall consultant.
"375 Pearl Street is an extraordinary offering for large tenants seeking big efficient floorplates in a class-A tower," says CBRE's Bob Alexander. "Taconic's and Square Mile's dynamic plans for the building will transform it into one of the largest blocks of contiguous available office space in a class-A building in Manhattan, with floorplates of approximately 40,000 square feet, slab heights averaging 15 feet high, all new systems, and spectacular city views."
The acquisition will give Taconic and Square Mile ownership of 29 out of the 32 floors in the building. Verizon will retain a condominium interest in three floors for its use.
The building stands taller than 540 feet, and its 360-degree views of the city will be opened up upon completion of the proposed renovation. It is conveniently located at Pearl Street, in the City Hall submarket near the base of the Brooklyn Bridge. The building is easily accessible via public transportation, including: the 4, 5, 6, J, M, Z, R and W subway lines; many MTA buses; the PATH train; ferry; heliport; and the FDR Drive.
The 375 Pearl Street building was developed in the 1970s as part of a development agreement between New York Telephone Company (now Verizon), The New York City Educational Construction Fund, and the Board of Education, which provided for the development in conjunction with Bergtraum High School for Business Careers.
About Taconic Investment Partners
Since its inception in 1997, Taconic Investment Partners LLC has acquired and developed more than eight million square feet of office properties in New York City, Chicago, Washington, D.C. and Atlanta. In addition, it recently bought and is renovating two large residential complexes in Brooklyn and the Bronx, is co-developer of the new luxury high-rise Caledonia condominium and rental development along the High Line in Manhattan, has assembled significant land holdings in Coney Island (Brooklyn) for residential development, and just completed a prime site in the Meatpacking district of Manhattan leased by Apple Computer. For more information visit: www.taconicinvestments.com.
About Square Mile Capital
Square Mile Capital Management LLC is a diversified real estate investment firm which focuses on sourcing and managing real estate and related equity, debt and hybrid investments on behalf of select institutional and private investors.
Square Mile takes a value oriented approach to its investment activities, with an emphasis on opportunities to acquire or capitalize assets or enterprises which are undervalued, overlooked, complex or mis-priced.
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