{"id":1004729981,"date":"2024-09-24T04:10:59","date_gmt":"2024-09-24T12:10:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004729981"},"modified":"2024-09-24T04:11:01","modified_gmt":"2024-09-24T12:11:01","slug":"lincoln-property-jv-to-own-operate-manhattan-mob","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lincoln-property-jv-to-own-operate-manhattan-mob\/","title":{"rendered":"Lincoln Property JV to Own, Operate Manhattan MOB"},"content":{"rendered":"\n<p>Real estate private equity firm Blue Arch Capital, global real estate owner\/operator Lincoln Property Co. and real estate investment manager LoanCore Capital have formed a strategic partnership to own and operate Park Sixty, a Class A medical office building at 110 E. 60th St. in Manhattan, the three companies announced Monday.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/110-E.-60th-St.-featured.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"798\" height=\"600\" data-attachment-id=\"1004729993\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/lincoln-property-jv-to-own-operate-manhattan-mob\/110-e-60th-st-featured\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/110-E.-60th-St.-featured.jpg\" data-orig-size=\"798,600\" 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=\"110 E. 60th St. featured\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Park Sixty is a Class A medical office building at 110 E. 60th St. in Manhattan. Image courtesy of CommercialEdge &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/110-E.-60th-St.-featured.jpg?w=798\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/110-E.-60th-St.-featured.jpg\" alt=\"Park Sixty is a Class A medical office building at 110 E. 60th St. in Manhattan. \" class=\"wp-image-1004729993\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/110-E.-60th-St.-featured.jpg 798w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/110-E.-60th-St.-featured.jpg?resize=300,226 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/110-E.-60th-St.-featured.jpg?resize=768,577 768w\" sizes=\"auto, (max-width: 798px) 100vw, 798px\" \/><\/a><figcaption class=\"wp-element-caption\">Park Sixty, a Class A medical office building at 110 E. 60th St. in Manhattan, underwent a $20 million renovation in 2018. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>No dollar amount on the transaction was disclosed. Eastdil Secured acted as exclusive advisor to LoanCore.<\/p>\n\n\n\n<p>The block-through, 15-story property is in the Plaza District at 60th Street between Park and Lexington avenues and near the East Side Medical Corridor. <\/p>\n\n\n\n<p>Park Sixty features 179,000 square feet of medical office space and 7,000 square feet of retail space on the first two floors. In 2018, the building completed a $20 million, Article 28\u2013compliant renovation that included the installation of state-of-the-art infrastructure, including a new rooftop cooling tower; a new lobby; and upgrades to all common areas. Amenities include a 24\/7 attended lobby and easy access to the 59th Street subway line.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/mob-tenants-pay-a-premium-for-these-markets\/\">MOB Tenants Pay a Premium for These Markets<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>None of the three companies replied to <em>Commercial Property Executive<\/em>\u2019s request for additional information.<\/p>\n\n\n\n<p>The building\u2019s website indicates that 99,022 square feet of medical space are currently available, which suggests about a 55 percent vacancy.<\/p>\n\n\n\n<p>Park Sixty was built in 1962, according to information provided by CommercialEdge, which also indicates that the previous owner was LoanCore Capital (REO). A $5 million foreclosure sale is on record for September 2023. An arm\u2019s length sale in January 2015 was reported to be valued at $170 million.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-mob-mentality\">MOB mentality<\/h2>\n\n\n\n<p>In July, <a href=\"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-jv-lands-85m-refi-for-queens-industrial-asset\/\">LoanCore funded an $85 million refinancing loan<\/a> for a joint venture of Goldman Sachs Urban Investment Group and Triangle Equities, for the first two floors of Terminal Logistics Center, a 300,000-square-foot, five-story industrial condominium in New York City\u2019s Queens borough. Institutional Property Advisors Capital Markets, a division of Marcus &amp; Millichap, arranged the financing.<\/p>\n\n\n\n<p>Elevated interest rates and economic uncertainty have restrained transaction volumes and pricing in the health-care capital markets over the past 12 months, according to a first-half 2024 report from Cushman &amp; Wakefield.<\/p>\n\n\n\n<p>The report states that the significant surge in volume and pricing for medical office building sales between 2020 and early 2022 has slowed, as the macro-economic landscape continues to recover from inflation and subsequent rate hikes.<\/p>\n\n\n\n<p>Still, an absence of the overbuilding seen in other product types has helped to moderate MOB occupancies.<\/p>\n\n\n\n<p>Cushman &amp; Wakefield predicts \u201cgrowth in transaction activity as the debt and equity markets gain confidence in raising their acquisition targets.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Completed in the 1960s, the Upper East Side building was extensively renovated in recent years. <\/p>\n","protected":false},"author":882,"featured_media":1004729993,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21754,1600,21742,10],"tags":[32799,33101,34930],"class_list":["post-1004729981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-medical-office","category-new-york","category-latest","category-northeast","tag-cushman-wakefield","tag-eastdil-secured","tag-lincoln-property-co"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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