Atlanta-based real estate investment & management company Jamestown LP has acquired a 49% joint venture stake in ownership of two office properties in Manhattan in two separate deals that are among the first big commercial property deals in the city of 2016. While terms of the deals were not disclosed, the transactions value the buildings at about $1.15 billion combined, or roughly $710 a square foot. George Comfort & Sons and Loeb Partners Realty together will retain a majority interest in the assets. Doug Harmon, Adam Spies, Adam Doneger and Josh King of Eastdil Secured acted as the exclusive financial advisors for the transaction.
"The strong occupancy rates of these assets is a clear indication that we are joining with a proven operator with a demonstrated track record in New York City," Michael Phillips, president of Jamestown, said in a statement. "We have immense respect for the George Comfort & Sons and Loeb Partners Realty team and look forward to our new partnership."
"Jamestown is extremely well regarded for its investment in high-quality assets and we are delighted to have them as a strategic partner," said Peter Duncan, CEO of George Comfort & Sons. "Likewise, we are pleased to continue our relationship with longtime partner Loeb Partners Realty. We look forward to this new collaboration, which will only strengthen these already successful properties."
The first office tower, 200 Madison Avenue, is a 26-story, 750,000 square foot building that is 99% leased to 20 tenants, including apparel maker PVH Corp. and Greater New York Mutual Insurance. The second building, 63 Madison Avenue, is a fully leased 15-story, 870,000 square foot building where New York Life Insurance Co. and CBS Corp. lease space.
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