"This is kind of unusual," Andrew J. Merin, of Cushman & Wakefield's Metropolitan Area Capital Markets Group, which orchestrated the sale, told GlobeSt.com. Merin, David W. Bernhaut, Gary Gabriel, Brian J. Whitmer and Kyle B. Schmidt represented the seller, a client of Invesco, in the transaction. "Over $1 billion in bricks and sticks will have traded. [...] There is not a lot of quality out there. In July, the market started to slow down. [But] Manulife did all their homework."
"Manulife is always looking for opportunities to grow our real estate investment portfolio and we're extremely pleased to secure these exceptional assets in what are three very important and diverse real estate investment markets," said Kevin Adolphe, Chief Operating Officer of Manulife's Investment Division and President and CEO of Manulife Real Estate. "We are optimistic about the possibilities in these and other key markets and we continue to look for core office, industrial and multi-family residential property investments throughout Canada, the United States and Asia."
Completed in 1988, the 748,005-square-foot building was the recent recipient of BOMA's 2011 TOBY (The Outstanding Building of the Year) award for buildings over 500,000 square feet. LEED-Gold and Energy Star certified, the iconic tower offers unobstructed views of lower Manhattan from every floor. The property was 100% leased at the time of sale with major tenants including ACE Insurance, Daikin McQuay, Kuehne + Nagel, Rabobank, Bank of America, Goldman Sachs and Amazon.com.
For more news and information visit Blumberg Capital Partners.
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