{"id":1004362343,"date":"2019-10-24T04:05:36","date_gmt":"2019-10-24T12:05:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004362343"},"modified":"2021-05-15T05:37:48","modified_gmt":"2021-05-15T13:37:48","slug":"jv-acquires-historic-manhattan-mid-rise","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jv-acquires-historic-manhattan-mid-rise\/","title":{"rendered":"21st-Century Makeover Eyed for 1920s Manhattan Tower"},"content":{"rendered":"<div id=\"attachment_1004362355\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/295-Fifth-Ave-e1571867893855.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004362355\" data-attachment-id=\"1004362355\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/jv-acquires-historic-manhattan-mid-rise\/295-fifth-ave\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/295-Fifth-Ave-e1571867893855.png\" data-orig-size=\"800,600\" 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=\"295 Fifth Ave\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;295 Fifth Ave. Image via Google Street View&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/295-Fifth-Ave-e1571867893855.png?w=800\" loading=\"lazy\" class=\"wp-image-1004362355 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/295-Fifth-Ave-e1571867883642.png\" alt=\"\" width=\"300\" height=\"225\"><\/a><p id=\"caption-attachment-1004362355\" class=\"wp-caption-text\">Textile Building. <em>Image via Google Street View<\/em><\/p><\/div>\n<p>An office property located in a prime Manhattan corridor has changed hands for the first time in its history. A joint venture between Tribeca Investment Group and funds managed by PGIM Real Estate and Meadow Partners secured the Textile Building, a 700,000-square-foot mid-rise in Midtown South, through a 99-year ground lease. The previous owner was Manhattan Properties, according to Yardi Matrix. A spokesperson for the buyer declined to reveal terms of the deal.&nbsp;<\/p>\n<hr>\n<p><strong>READ ALSO: <\/strong><a href=\"https:\/\/www.commercialsearch.com\/news\/manhattans-crown-building-scores-750m-redevelopment-loan\/\">Manhattan\u2019s Crown Building Scores $750M Redevelopment Loan<\/a><\/p>\n<hr>\n<p>Located at 295 Fifth Ave., the 17-story building was completed in 1921 to include a 400,000-square-foot textile showroom, still in use by the industry today. The property also has 30,000 square feet of street-level retail.<\/p>\n<p>CBRE&#8217;s Darcy Stacom, Bill Shanahan and Doug Middleton acted on behalf of Manhattan Properties in the transaction. Duval &amp; Stachenfeld LLP, Goodwin Procter and Davis Polk &amp; Wardwell LLP provided legal services for Tribeca Investment Group, PGIM and Meadow Partners, respectively.<\/p>\n<h2>A strong submarket<\/h2>\n<p>The new owners intend to capitalize on demand for the area\u2019s office inventory, which has <a href=\"https:\/\/www.commercialsearch.com\/news\/transperfect-relocates-global-hq-to-manhattans-nomad-tower\/\">increasingly drawn tech companies<\/a> seeking modern space in historic properties. The joint venture will spend $300 million to reposition the building into a Class A asset. Plans call for a new lobby, modernized retail storefronts, additional amenity spaces and significant mechanical upgrades, as well as a glass-enclosed rooftop area.<\/p>\n<p>According to a third-quarter office report from Cushman &amp; Wakefield, Midtown South is experiencing a historic year for leasing. The submarket has registered 5.6 million square feet of absorption so far this year, a 10 percent increase year-over-year. In the past quarter alone, leasing hit nearly 2.7 million square feet, a quarterly high.<\/p>\n<p>Three major lease transactions, each in excess of 100,000 square feet, drove the strong numbers. Those deals included Google\u2019s 1.3 million-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/google-has-big-plans-for-nyc\/\">lease in Hudson Square<\/a> and Publicis Group\u2019s 960,000-square-foot renewal and expansion at 375 Hudson St.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A partnership of Tribeca Investment Group, PGIM Real Estate and Meadow Partners plans a $300 million upgrade for the Midtown South property.<\/p>\n","protected":false},"author":745,"featured_media":1004362355,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,1600,21742,10,21747],"tags":[36351,32789,32981,34714,47513],"class_list":["post-1004362343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-capital-improvement","tag-cbre","tag-meadow-partners","tag-pgim-real-estate","tag-tribeca-investment-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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