{"id":1004630871,"date":"2022-11-18T05:13:45","date_gmt":"2022-11-18T13:13:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004630871"},"modified":"2022-12-14T22:40:26","modified_gmt":"2022-12-15T06:40:26","slug":"jv-lands-150m-for-manhattan-office-makeover","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jv-lands-150m-for-manhattan-office-makeover\/","title":{"rendered":"$350M Manhattan Office Makeover Lands Loan"},"content":{"rendered":"<div id=\"attachment_1004630872\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/295-Fifth-Avenue-.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004630872\" data-attachment-id=\"1004630872\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/jv-lands-150m-for-manhattan-office-makeover\/295-fifth-avenue\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/295-Fifth-Avenue-.png\" data-orig-size=\"568,426\" 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 Avenue\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;295 Fifth Avenue. Image via Google Street View&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/295-Fifth-Avenue-.png?w=568\" class=\"wp-image-1004630872 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/295-Fifth-Avenue-.png?w=300\" alt=\"295 Fifth Avenue\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/295-Fifth-Avenue-.png 568w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/295-Fifth-Avenue-.png?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004630872\" class=\"wp-caption-text\">295 Fifth Avenue. Image via Google Street View<\/p><\/div>\n<p>A joint venture between <strong>Tribeca Investment Group<\/strong>, <strong>Meadow Partners<\/strong> and <strong>PGIM Real Estate <\/strong>has secured a total of $150 million in financing\u2014as part of the <a href=\"https:\/\/www.commercialsearch.com\/news\/manhattans-350m-textile-building-makeover-revealed\/\">$350 million overall capital improvement plan<\/a>\u2014for the renovation of a 19-story office tower at 295 Fifth Ave. in Manhattan\u2019s Midtown South neighborhood.<\/p>\n<p>A <strong>Newmark <\/strong>team secured the <strong>Deutsche Pfandbriefbank<\/strong> loan on behalf on the borrowers. CommercialEdge reveals that the ownership trio purchased the 710,000-square-foot office building back in 2019 from <strong>Manhattan Properties<\/strong>. The owners paid $375 million for the asset and signed a 99-year ground lease agreement, the same data provider shows.<\/p>\n<p>Originally built in 1920 and fully renovated this year, the historic asset is situated in the Park Avenue South Square Park, between Madison Square Park, Penn Station and Grand Central. Upon final overhaul, the reimagined 295 Fifth Ave. is set to feature a two-story, 34,000-square-foot penthouse, a new double-height lobby, as well as revamped windows, elevators and HVAC systems.<\/p>\n<h2>Flight to quality<\/h2>\n<p>Besides interior upgrades, the joint venture\u2019s capital improvement plan calls for an array of outdoor spaces, terraces and a new amenity center. Offering access to the area&#8217;s mix of lifestyle amenities, the property is positioned in one of New York City&#8217;s strongest office submarkets.<\/p>\n<p>Surpassing other Northeastern markets, Manhattan remains a national leader for office sales and the only market to go north of $5 billion, reaching a total <a href=\"https:\/\/www.commercialedge.com\/blog\/national-office-report\/\">volume of $5.56 billion<\/a> in office transactions year-to-date, as of October.<\/p>\n<p>The team that secured the financing on behalf of the collective ownership was led by Newmark\u2019s Vice Chairmen &amp; Co-Heads of the Debt &amp; Structured Finance team Dustin Stolly and Jordan Roeschlaub, together with Senior Managing Directors Christopher Kramer and Nick Scribani, Director Ben Kroll and Finance Analyst Holden Witkoff.<\/p>\n<p>In a prepared statement, Roeschlaub said that the overhaul would attract the city\u2019s office users looking for quality assets in a post-pandemic environment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Newmark team secured the financing on behalf of Tribeca Investment Group, Meadow Partners and PGIM Real Estate.<\/p>\n","protected":false},"author":3030,"featured_media":1004630872,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1600,21742,10,21747],"tags":[32981,50999,34714,47513],"class_list":["post-1004630871","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-meadow-partners","tag-newmark","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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