Parc 55 Wyndham Sold for $235M

New York-based Blackstone Group successfully acquired Parc 55 Wyndham from Rockpoint Group for $235 million, or $231,984 per room, in a distress sale according to a CoStar report. No brokers were named in the deal and terms were undisclosed.

A Bloomberg report earlier this month noted that Blackstone, which owns the Hilton Worldwide chain, would hold 75% of Parc 55, and Boston-based Rockpoint Group,would own most of the rest after investing $10 million of new equity. The article went on to note that Archon Group, a unit of Goldman Sachs Group Inc., provided $152 million of debt financing to the new owners, according to one of the people.

Parc 55 Wyndham Union Square Hotel is nestled in the heart of San Francisco featuring 1,015 spacious guest rooms and 15 suites and more than 30,000 square feet of event space, plus three on-site restaurants.

For more news and information visit Blumberg Capital Partners.

Goldman Sachs Buys VA Portfolio for $438M

Goldman Sachs Group was announced last week as the buyer of a nonbankrupt unit of Lehman Brothers Holdings Inc.'s stake in a ten office building portfolio in Virginia, paying Lehman a reported $438 million for its stake in the properties according to a Bloomberg report.

Separately, Lehman filed court papers on Monday announcing it had settled a lawsuit accusing Goldman of using pretextual excuses to avoid closing on the deal earlier in October. "This transaction is another example of our executing the sale strategy we laid out at the beginning of the year and has enabled us to achieve a strong result for our creditors," Jeff Fitts, who heads Lehman's real estate group, said in the statement.

Lehman Brothers filed the biggest bankruptcy in U.S. history in September 2008, listing assets of $639 billion. Lehman's reported share of the investment in the portfolio that traded hands with Goldman was $206 million with its partners' share at $56.5 million.

For more news and information visit Blumberg Capital Partners.

Invesco Invests in 230 Park Ave

Dallas-based Invesco Real Estate has been brought on as a new partner invested in 230 Park Ave. in New York, the tower above Manhattan's Grand Central Terminal. Monday Properties recapitalizes the landmark Manhattan office tower, buying out a Goldman Sachs Group Inc. real estate fund, according to a Bloomberg report. Monday Properties and a Goldman fund venture purchased the 34-story building in 2007 for $1.15 billion.

The deal "commences this new chapter for 230 Park Ave.," said Monday's CEO Anthony Westreich in the statement, calling the 34-story tower "a unique landmark environment." Terms of the transaction with Invesco's Dallas-based real estate unit were not disclosed. As part of that deal, Goldman is exiting the building, according to Brian Robin, a vice president at Monday Properties. Monday Properties will continue to manage 230 Park Avenue where major tenants include ING, Simon Property Group, Tokio Marine Management and Houston & Rosen P.C.

For more news and information visit Blumberg Capital Partners.