{"id":1004399417,"date":"2020-03-12T04:53:06","date_gmt":"2020-03-12T12:53:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004399417"},"modified":"2020-03-12T04:53:06","modified_gmt":"2020-03-12T12:53:06","slug":"gaedeke-groups-200m-wall-street-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/gaedeke-groups-200m-wall-street-deal\/","title":{"rendered":"Gaedeke Group\u2019s $200M Wall Street Deal"},"content":{"rendered":"
\"\"<\/a>

44 Wall St. Image courtesy of Gaedeke Group<\/em><\/p><\/div>\n

Gaedeke Group, of Dallas, has acquired the 44 Wall St. office building in Lower Manhattan<\/a> for $200 million. The transaction was announced by Finback Real Estate, which advised Gaedeke, and by George Comfort & Sons, which will be operating the property for Gaedeke.<\/p>\n

\n

READ ALSO<\/strong>: SHVO JV Lands $210M for Manhattan Building Acquisition<\/a><\/p>\n

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The 24-story, 354,000-square-foot Class A office property at Wall and Williams streets was completed in 1927 and underwent an approximately $24 million renovation and modernization in 2016. It\u2019s currently 84 percent occupied.<\/p>\n

The renovations to the building\u2019s lobby featured artwork by noted New York City street artist Hellbent, which put 44 Wall St. on Architectural Digest\u2019s list of \u201cThe 12 New York City Office Buildings with the Most Incredible Artwork<\/em>.\u201d<\/p>\n

44 Wall St.\u2019s location provides easy access to transportation. The building is steps from the 2\/3 subway line and three blocks from the Fulton Street and WTC\/Oculus Station, which offers access to the PATH train.<\/p>\n

Gaedeke\u2019s 3 million-square-foot portfolio is in Arizona, Florida, Texas, and Washington, D.C., so this appears to be the company\u2019s first foray into New York City. Will Silverman of Eastdil Secured and Paul Gillen of Hodges Ward Elliott represented the seller in the transaction.<\/p>\n

Long search for a long hold<\/h2>\n

In the second quarter of 2019, Gaedeke engaged Finback President Michael O\u2019Callaghan and Finback\u2019s Gentry Ashmore Hoit to acquire a Class A office asset in Manhattan for a long-term hold.<\/p>\n

Over the next eight months, Finback reportedly underwrote 41 possible assets (30 off-market and 11 marketed properties across 15 submarkets) before landing on 44 Wall St., O\u2019Callaghan said in a prepared statement.<\/p>\n

In February, JLL was selected to lease<\/a> the 130,000-square-foot office component of 76 Trinity Place, a 26-story mixed-use development that also includes a five-story community center for Trinity Church Wall Street, the property\u2019s owner.<\/p>\n

Year-to-date office leasing in downtown Manhattan is down 24 percent versus last year, but even so, availability was down 130 basis points from a year ago, according to a March report from CBRE. The average asking rent, at $62.93 per square foot, was almost unchanged from a year prior, again according to CBRE.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company bought a 1920s-vintage Class A office tower in Lower Manhattan, its first acquisition in New York City. <\/p>\n","protected":false},"author":882,"featured_media":1004399429,"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":[32789,33101,33546,48089,38787],"class_list":["post-1004399417","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-cbre","tag-eastdil-secured","tag-gaedeke-group","tag-george-comfort-sons","tag-hodges-ward-elliott"],"acf":[],"yoast_head":"\nGaedeke Group\u2019s $200M Wall Street Deal - 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\/gaedeke-groups-200m-wall-street-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gaedeke Group\u2019s $200M Wall Street Deal\" \/>\n<meta property=\"og:description\" content=\"The company bought a 1920s-vintage Class A office tower in Lower Manhattan, its first acquisition in New York City.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/gaedeke-groups-200m-wall-street-deal\/\" \/>\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=\"2020-03-12T12:53:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/44-Wall-St.-feature.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"514\" \/>\n\t<meta property=\"og:image:height\" content=\"386\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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\/gaedeke-groups-200m-wall-street-deal\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/gaedeke-groups-200m-wall-street-deal\/\",\"name\":\"Gaedeke Group\u2019s $200M Wall Street Deal - 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