{"id":1004036924,"date":"2012-02-29T05:30:07","date_gmt":"2012-02-29T13:30:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004036924"},"modified":"2022-12-06T04:13:58","modified_gmt":"2022-12-06T12:13:58","slug":"ny-fed-spends-208m-on-downtown-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ny-fed-spends-208m-on-downtown-office-building\/","title":{"rendered":"NY Fed Spends $208M on Downtown Office Building"},"content":{"rendered":"

February 29, 2012<\/strong>
\nBy Nicholas Ziegler, News Editor<\/em>
\n\"\"<\/a><\/p>\n

The Federal Reserve Bank of New York is picking up a building in which it is the primary leaseholder, purchasing the property at 33 Maiden Lane in Downtown Manhattan for $207.5 million from Merit US Real Estate Fund III L.P.<\/p>\n

William Dudley, president of the bank, called the purchase \u201ca cost-effective way to meet our business needs\u201d and said that the transaction \u201cwill enable us to more easily ensure appropriate security for our operations.\u201d CBRE Group Inc. marked the property on behalf of the closed-end German fund, which is managed by Invesco Real Estate in cooperation with Hannover Leasing. Merit acquired the building in 2002.<\/p>\n

The Fed occupies approximately 75 percent of the 559,659-square-foot, 27-story building and formed a new limited-liability firm, Maiden & Nassau L.L.C., to serve as the property\u2019s owner. Approximately 1,100 employees work at the location, which the Fed has occupied since 1998.<\/p>\n

\u201cWith its headquarters building located across the street, this was an excellent purchase by the Federal Reserve,\u201d Darcy Stacom of the investment-sales team of CBRE said. \u201cThe great level of interest that the property received is a clear indication of increased capital flows into the Downtown market.\u201d<\/p>\n

According to a release by the bank, the decision to purchase the building was based on a comprehensive financial analysis that considered the bank\u2019s long-term space needs and the potential fluctuations in the New York City downtown real estate market. The purchase decision was approved by the New York Fed\u2019s board of directors as well as by the board of governors of the Federal Reserve System.<\/p>\n

*This story was updated at 12:38 p.m. on Feb. 29, 2012. 33 Maiden Lane is located in Downtown, not Midtown, New York. <\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The Federal Reserve Bank of New York is picking up a building in which it is the primary leaseholder, purchasing the property at 33 Maiden Lane in Downtown Manhattan for $207.5 million from Merit US Real Estate Fund III L.P.<\/p>\n","protected":false},"author":1201,"featured_media":1004038989,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21781,21808,21742,10,21747],"tags":[],"class_list":["post-1004036924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-corporate-real-estate","category-featured","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"\nNY Fed Spends $208M on Downtown Office Building - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ny-fed-spends-208m-on-downtown-office-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NY Fed Spends $208M on Downtown Office Building\" \/>\n<meta property=\"og:description\" content=\"The Federal Reserve Bank of New York is picking up a building in which it is the primary leaseholder, purchasing the property at 33 Maiden Lane in Downtown Manhattan for $207.5 million from Merit US Real Estate Fund III L.P.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ny-fed-spends-208m-on-downtown-office-building\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-02-29T13:30:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-06T12:13:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/02\/022912-33-Maiden-Lane-NYC.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"480\" \/>\n\t<meta property=\"og:image:height\" content=\"297\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ny-fed-spends-208m-on-downtown-office-building\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ny-fed-spends-208m-on-downtown-office-building\\\/\"},\"author\":{\"name\":\"Nicholas Ziegler\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\"},\"headline\":\"NY Fed Spends $208M on Downtown Office Building\",\"datePublished\":\"2012-02-29T13:30:07+00:00\",\"dateModified\":\"2022-12-06T12:13:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ny-fed-spends-208m-on-downtown-office-building\\\/\"},\"wordCount\":292,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ny-fed-spends-208m-on-downtown-office-building\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/02\\\/022912-33-Maiden-Lane-NYC.jpg\",\"articleSection\":[\"Brokerage\",\"Corporate Real Estate\",\"Featured\",\"News\",\"Northeast\",\"Office\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ny-fed-spends-208m-on-downtown-office-building\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ny-fed-spends-208m-on-downtown-office-building\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ny-fed-spends-208m-on-downtown-office-building\\\/\",\"name\":\"NY Fed Spends $208M on Downtown Office Building - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ny-fed-spends-208m-on-downtown-office-building\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ny-fed-spends-208m-on-downtown-office-building\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/02\\\/022912-33-Maiden-Lane-NYC.jpg\",\"datePublished\":\"2012-02-29T13:30:07+00:00\",\"dateModified\":\"2022-12-06T12:13:58+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ny-fed-spends-208m-on-downtown-office-building\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ny-fed-spends-208m-on-downtown-office-building\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ny-fed-spends-208m-on-downtown-office-building\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/02\\\/022912-33-Maiden-Lane-NYC.jpg\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/02\\\/022912-33-Maiden-Lane-NYC.jpg\",\"width\":\"480\",\"height\":\"297\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ny-fed-spends-208m-on-downtown-office-building\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"NY Fed Spends $208M on Downtown Office Building\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\",\"name\":\"Nicholas Ziegler\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/70e28229c24dc3cf14fac93ebb7647505c7519b301aa20c8f635957a4e8a8a66?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/70e28229c24dc3cf14fac93ebb7647505c7519b301aa20c8f635957a4e8a8a66?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/70e28229c24dc3cf14fac93ebb7647505c7519b301aa20c8f635957a4e8a8a66?s=96&d=mm&r=g\",\"caption\":\"Nicholas Ziegler\"},\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/nicholasziegler\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"NY Fed Spends $208M on Downtown Office Building - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/ny-fed-spends-208m-on-downtown-office-building\/","og_locale":"en_US","og_type":"article","og_title":"NY Fed Spends $208M on Downtown Office Building","og_description":"The Federal Reserve Bank of New York is picking up a building in which it is the primary leaseholder, purchasing the property at 33 Maiden Lane in Downtown Manhattan for $207.5 million from Merit US Real Estate Fund III L.P.","og_url":"https:\/\/www.commercialsearch.com\/news\/ny-fed-spends-208m-on-downtown-office-building\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2012-02-29T13:30:07+00:00","article_modified_time":"2022-12-06T12:13:58+00:00","og_image":[{"width":480,"height":297,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/02\/022912-33-Maiden-Lane-NYC.jpg","type":"image\/jpeg"}],"author":"Nicholas Ziegler","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/ny-fed-spends-208m-on-downtown-office-building\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/ny-fed-spends-208m-on-downtown-office-building\/"},"author":{"name":"Nicholas Ziegler","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/ff3a837f33daecfcf8978b405eaae20c"},"headline":"NY Fed Spends $208M on Downtown Office Building","datePublished":"2012-02-29T13:30:07+00:00","dateModified":"2022-12-06T12:13:58+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/ny-fed-spends-208m-on-downtown-office-building\/"},"wordCount":292,"commentCount":0,"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/ny-fed-spends-208m-on-downtown-office-building\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/02\/022912-33-Maiden-Lane-NYC.jpg","articleSection":["Brokerage","Corporate Real Estate","Featured","News","Northeast","Office"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.commercialsearch.com\/news\/ny-fed-spends-208m-on-downtown-office-building\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/ny-fed-spends-208m-on-downtown-office-building\/","url":"https:\/\/www.commercialsearch.com\/news\/ny-fed-spends-208m-on-downtown-office-building\/","name":"NY Fed Spends $208M on Downtown Office Building - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/ny-fed-spends-208m-on-downtown-office-building\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/ny-fed-spends-208m-on-downtown-office-building\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/02\/022912-33-Maiden-Lane-NYC.jpg","datePublished":"2012-02-29T13:30:07+00:00","dateModified":"2022-12-06T12:13:58+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/ff3a837f33daecfcf8978b405eaae20c"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/ny-fed-spends-208m-on-downtown-office-building\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/ny-fed-spends-208m-on-downtown-office-building\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/ny-fed-spends-208m-on-downtown-office-building\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/02\/022912-33-Maiden-Lane-NYC.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/02\/022912-33-Maiden-Lane-NYC.jpg","width":"480","height":"297"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/ny-fed-spends-208m-on-downtown-office-building\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"NY Fed Spends $208M on Downtown Office Building"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/ff3a837f33daecfcf8978b405eaae20c","name":"Nicholas Ziegler","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/70e28229c24dc3cf14fac93ebb7647505c7519b301aa20c8f635957a4e8a8a66?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/70e28229c24dc3cf14fac93ebb7647505c7519b301aa20c8f635957a4e8a8a66?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/70e28229c24dc3cf14fac93ebb7647505c7519b301aa20c8f635957a4e8a8a66?s=96&d=mm&r=g","caption":"Nicholas Ziegler"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/nicholasziegler\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/02\/022912-33-Maiden-Lane-NYC.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004036924","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/1201"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004036924"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004036924\/revisions"}],"predecessor-version":[{"id":1004612245,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004036924\/revisions\/1004612245"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004038989"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004036924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004036924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004036924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}