{"id":1004290445,"date":"2019-01-09T04:06:54","date_gmt":"2019-01-09T12:06:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004290445"},"modified":"2022-12-08T17:34:31","modified_gmt":"2022-12-09T01:34:31","slug":"jll-arranges-acquisition-loan-for-nyc-office-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jll-arranges-acquisition-loan-for-nyc-office-portfolio\/","title":{"rendered":"JLL Arranges $95M Loan for NYC Office Portfolio"},"content":{"rendered":"<p>By Barbra Murray<\/p>\n<div id=\"attachment_1004290457\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/580-Eighth-Ave..jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004290457\" data-attachment-id=\"1004290457\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/jll-arranges-acquisition-loan-for-nyc-office-portfolio\/580-eighth-ave\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/580-Eighth-Ave..jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"580 Eighth Ave.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;580 Eighth Ave.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/580-Eighth-Ave..jpg?w=800\" class=\"wp-image-1004290457 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/580-Eighth-Ave..jpg\" alt=\"580 Eighth Ave.\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/580-Eighth-Ave..jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/580-Eighth-Ave..jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/580-Eighth-Ave..jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004290457\" class=\"wp-caption-text\">580 Eighth Ave.<\/p><\/div>\n<p>With the help of JLL Capital Markets, East End Capital and its partner, a private family office, recently secured financing for the acquisition and repositioning of three Manhattan office properties totaling 226,900 square feet. JLL orchestrated a $95 million loan for the partners through LoanCore Capital.<\/p>\n<p>The group of assets includes 580 Eighth Ave., a 74,300-square-foot property developed in 1928. The 21-story tower sits in the Penn Plaza\/Garment District submarket of Midtown, as does the portfolio\u2019s largest asset, the 117,500-square-foot, 18-story showroom\/office building at 251 W. 39th St., which first opened its doors in 1925. Completing the group is 36 E. 20th St., an eight-story property built in 1901 and featuring 24,000 square feet of space in Midtown South\u2019s Gramercy Park neighborhood.<\/p>\n<p><em>\u201cAs one of New York City\u2019s premier real estate firms, East End is perhaps one of the most qualified operating managers to reposition these underperforming assets and execute the proposed business plan with its partner,\u201d<\/em> Jonathan Schwartz, managing director with JLL Capital Markets, said in a prepared statement. Schwartz was joined on the debt assignment team by colleagues Aaron Appel, Mark Fisher, Matt Collins and Patrick Cotter.<\/p>\n<h2>Market appeal<\/h2>\n<p>East End will helm the partnership\u2019s repositioning of the three buildings, as well as the re-tenanting efforts. On average, the New York City <a href=\"https:\/\/www.commercialsearch.com\/news\/nyc-in-a-nutshell\/\">commercial real estate market is thriving<\/a> and in the office sector, the demand for premier office accommodations in Manhattan is very strong\u2014still. In the third quarter of 2018, the vacancy rate dropped to 7.8 percent, marking a low not seen in the market since 2008, according to a JLL report. East End\u2019s newly purchased properties are likely to be well received upon reintroduction.<\/p>\n<p><em>\u201cAs job market indicators such as the unemployment rate and office using jobs reach cyclical lows and record highs, respectively, companies are investing more in employee attraction and retention while emphasizing workplace strategies. Manhattan office fundamentals have capitalized on these trends, causing the Midtown core vacancy rate to reach a 10-year low while Midtown South became the most supply-constrained CBD in the country,\u201d<\/em> per the JLL report.<\/p>\n<p><em>Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>East End Capital teamed up with a family office to purchase and reposition three Manhattan buildings totaling more than 225,000 square feet.<\/p>\n","protected":false},"author":969,"featured_media":1004290457,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,1600,21742,10,21747],"tags":[41330,36742,32796,37252,37253],"class_list":["post-1004290445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-new-york","category-latest","category-northeast","category-office","tag-aaron-appel","tag-east-end-capital","tag-jll","tag-jonathan-schwartz","tag-mark-fisher"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>JLL Arranges $95M Loan for NYC Office Portfolio - 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\/jll-arranges-acquisition-loan-for-nyc-office-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JLL Arranges $95M Loan for NYC Office Portfolio\" \/>\n<meta property=\"og:description\" content=\"East End Capital teamed up with a family office to purchase and reposition three Manhattan buildings totaling more than 225,000 square feet.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jll-arranges-acquisition-loan-for-nyc-office-portfolio\/\" \/>\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=\"2019-01-09T12:06:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T01:34:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/580-Eighth-Ave..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jll-arranges-acquisition-loan-for-nyc-office-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/jll-arranges-acquisition-loan-for-nyc-office-portfolio\/\",\"name\":\"JLL Arranges $95M Loan for NYC Office Portfolio - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jll-arranges-acquisition-loan-for-nyc-office-portfolio\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jll-arranges-acquisition-loan-for-nyc-office-portfolio\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/580-Eighth-Ave..jpg\",\"datePublished\":\"2019-01-09T12:06:54+00:00\",\"dateModified\":\"2022-12-09T01:34:31+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jll-arranges-acquisition-loan-for-nyc-office-portfolio\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/jll-arranges-acquisition-loan-for-nyc-office-portfolio\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jll-arranges-acquisition-loan-for-nyc-office-portfolio\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/580-Eighth-Ave..jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/580-Eighth-Ave..jpg\",\"width\":800,\"height\":620,\"caption\":\"580 Eighth Ave.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jll-arranges-acquisition-loan-for-nyc-office-portfolio\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"JLL Arranges $95M Loan for NYC Office Portfolio\"}]},{\"@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\/d1edda962dd3af55af8a203870f9fc32\",\"name\":\"Barbra Murray\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g\",\"caption\":\"Barbra Murray\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/barbra-murray\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"JLL Arranges $95M Loan for NYC Office Portfolio - 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\/jll-arranges-acquisition-loan-for-nyc-office-portfolio\/","og_locale":"en_US","og_type":"article","og_title":"JLL Arranges $95M Loan for NYC Office Portfolio","og_description":"East End Capital teamed up with a family office to purchase and reposition three Manhattan buildings totaling more than 225,000 square feet.","og_url":"https:\/\/www.commercialsearch.com\/news\/jll-arranges-acquisition-loan-for-nyc-office-portfolio\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2019-01-09T12:06:54+00:00","article_modified_time":"2022-12-09T01:34:31+00:00","og_image":[{"width":800,"height":620,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/580-Eighth-Ave..jpg","type":"image\/jpeg"}],"author":"Barbra Murray","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/jll-arranges-acquisition-loan-for-nyc-office-portfolio\/","url":"https:\/\/www.commercialsearch.com\/news\/jll-arranges-acquisition-loan-for-nyc-office-portfolio\/","name":"JLL Arranges $95M Loan for NYC Office Portfolio - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/jll-arranges-acquisition-loan-for-nyc-office-portfolio\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/jll-arranges-acquisition-loan-for-nyc-office-portfolio\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/580-Eighth-Ave..jpg","datePublished":"2019-01-09T12:06:54+00:00","dateModified":"2022-12-09T01:34:31+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/jll-arranges-acquisition-loan-for-nyc-office-portfolio\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/jll-arranges-acquisition-loan-for-nyc-office-portfolio\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/jll-arranges-acquisition-loan-for-nyc-office-portfolio\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/580-Eighth-Ave..jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/580-Eighth-Ave..jpg","width":800,"height":620,"caption":"580 Eighth Ave."},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/jll-arranges-acquisition-loan-for-nyc-office-portfolio\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"JLL Arranges $95M Loan for NYC Office Portfolio"}]},{"@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\/d1edda962dd3af55af8a203870f9fc32","name":"Barbra Murray","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g","caption":"Barbra Murray"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/barbra-murray\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/580-Eighth-Ave..jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004290445","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\/969"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004290445"}],"version-history":[{"count":4,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004290445\/revisions"}],"predecessor-version":[{"id":1004290601,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004290445\/revisions\/1004290601"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004290457"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004290445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004290445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004290445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}