The Federal Reserve Bank of New York announced this week that it had acquired the Maiden Lane Building for $207.5 million from Merit US Real Estate Fund III, LP. The New York Fed established a new, wholly owned limited liability company called Maiden & Nassau LLC to serve as owner of the building. According to a CoStar Group report, Merit originally acquired the property in May 2002 for $125 million and chose to monetize the property as the fund it created was nearing the end of its investment life. CBRE's market-leading investment sales team of Darcy Stacom, William Shanahan and Paul Gillen acted on behalf of the seller in the transaction.
William C. Dudley, president of the New York Fed, said, "The purchase is a cost-effective way to meet our business needs and will enable us to more easily ensure appropriate security for our operations. We are also pleased to contribute, through our investment, to the ongoing revitalization of lower Manhattan."
The Maiden Lane Building at 33 Maiden Lane is a 27-story building with approximately 600,000-square-foot of office space. The New York Fed previously leased space in the building and was its primary occupant since 1998, occupying approximately 75% of the property with roughly 1,100 Bank staff working in the building.
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