Commercial Property Executive.<\/em><\/p>\nFried Frank and Venable L.L.P. acted as co-counsel to CWCapital Asset Management, which is owned by Fortress Investment Group L.L.P., in the sale to the partnership of Blackstone and Ivanho\u00e9 Cambridge, a real estate subsidiary of a leading Canadian institutional fund manager. On the Fried Frank side, Mechanic and partner Janice MacAvoy led the team that also included real estate associate Alexander Sutherland.<\/p>\n
One of the largest single real estate transactions in the city\u2019s history, the complex deal involved the seller, the buyers, city officials, tenants and Fannie Mae. Under a binding agreement with the city, Blackstone agreed to keep nearly 5,000 units below market rents until at least 2035.<\/p>\n
\u201cBlackstone was the perfect buyer,\u201d Mechanic told CPE.<\/em> \u201cThey were sensitive to the city\u2019s concerns with respect to affordable housing and to the tenants\u2019 concerns. They had the appropriate capacity to write the check. They did a good job managing all the different aspects in getting it to closing.\u201d<\/p>\nMechanic said the deal, announced in late October, got done \u201cin record time.\u201d<\/p>\n
\u201cEverybody wanted the deal to happen. The mayor wanted it to happen. The tenants were supportive. All the stars were aligned,\u201d he said.<\/p>\n
Mechanic declined to comment on a report in The New York Times that SL Green Realty Corp., New York City\u2019s largest commercial landlord, threatened a lawsuit that could have derailed the deal.<\/p>\n
He was more forthcoming about the sale of the leasehold interest in the Doubletree Guest Suites Times Square hotel from Sunstone Hotel Investors, a California-based lodging REIT, to Maefield Development, a privately owned real estate company headquartered in Indianapolis, for $540 million. Sunstone officials said the sale of the 468-room hotel at 1568 Broadway was part of its plan to selectively dispose of assets to unlock shareholder value. Maefield plans to redevelop the property with a new 704-room luxury hotel, four floors of retail and 40,000 square feet of entertainment space, according to The Wall Street Journal. In a unique part of the plan, Maefield has worked with the Nederlander Organization, which owns the historic Palace Theater, on a deal to renovate the theater and also raise it up 29 feet as part of the $2 billion redevelopment project, WSJ reported.<\/p>\n
The New York City Landmarks Commission has already approved the plan to elevate the theater, Mechanic said.<\/p>\n
\u201cThis is one of the more exciting deals I\u2019ve done,\u201d he told CPE<\/em>. \u201cIt will change the whole complexion of that area.\u201d<\/p>\nMechanic said joining him on the team for the Doubletree acquisition representing Maefield were partner Avi David Feinberg, corporate real estate partner Fiona Kelly, real estate partner Melanie Meyers and real estate associate Tony Shaskus.<\/p>\n
Fried Frank partner Chris Roman led the team, which included corporate partner Lee Parks, that handled the Exeter deal. At $3.15 billion, it was one of the largest industrial transactions of the year. Fried Frank represented Exeter, a Plymouth Meeting, Pa., real estate investment firm that specializes in industrial properties. The firm sold a 58 million-square-foot industrial portfolio with 209 assets held by investment funds owned and managed by Exeter to a joint venture of Henley Holding Co., a wholly-owned subsidiary of the Abu Dhabi Investment Authority, and the Public Sector Pension Investment Board, one of Canada\u2019s largest pension investment managers. Exeter is also invested in the JV and will continue to manage the properties that are located in 25 key distribution markets throughout the United States.<\/p>\n
Joining Fried Frank as co-counsel to Exeter was Silverang, Donohoe, Rosenzweig &\u00a0 Haltzman, L.L.C.<\/p>\n","protected":false},"excerpt":{"rendered":"
Fried Frank has been busy with three major deals closed within two days, including the sale of Stuyvesant Town-Peter Cooper Village in Manhattan to The Blackstone Group and Ivanho\u00e9 Cambridge for $5.3 billion.<\/p>\n","protected":false},"author":1068,"featured_media":1004134156,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21808,21825,21752,23891,1600,21742,21747],"tags":[],"class_list":["post-1004134154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-featured","category-finance","category-mixed-use","category-national","category-new-york","category-latest","category-office"],"acf":[],"yoast_head":"\n
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