$314M Refi Loan Provided for 63 Madison

A partnership between Loeb Partners, Jamestown, and George Comfort & Sons named 63 Madison Associates has secured a $313.5 million loan from the Bank of China for 63 Madison Avenue in Manhattan. The loan replaces old debts on the property and provides the owners with capital to complete renovations on the building. The Real Deal reports that Jamestown bought a 49% stake in 63 Madison Avenue earlier this year for $271 million, as well as a stake in George Comfort & Sons and Loeb Partners’ 26-story, 750,000-square-foot 200 Madison as part of the same transaction, paying $293 million.

63 Madison Avenue was originally completed in 1961 and occupies the entire block between East 27th and 28th Streets. The 15 story, 870,000 square foot office building is currently 100% leased with major tenants including IBM and Birchbox. This isn't the first time the Bank of China has provided a loan on the property, having issued a $152.3 million loan in February of 2015 and $150 million in February 2010. Renovation plans have not been disclosed, but New York-based Rosen Johnson Architects released designs to convert the ground-floor conference center to retail use with new storefronts, signage, easier access to stores and greater visibility overall.

For more news and information visit Blumberg Partners.

Investcorp Buys DC Office Building for Over $1000/sf

Investcorp, the Bahrain-based asset manager, announced that its US-based real estate arm purchased 733 10th Street in Washington, DC for approximately $180 million, or $1,053 per square foot. The sale price of the fully leased, 170,813-square-foot office building came in just $48 per square foot short of the city's record, set by Jamestown last year for America's Square. Jamestown originally purchased 733 10th Street in 2012 for $140 million from Skanska, which built and developed the property in 2009. Investcorp purchased the property with a joint venture partner, real estate investment banking firm ScanlanKemperBard. Terms of the deal were not disclosed.

"The 733 10th Street property is a stable, prime asset offering what we believe to be resilient, long-term value in combination with attractive current yields," said Brian Kelley, Principal, Real Estate Investment at Investcorp. "We are actively seeking additional core-quality, stable properties like 733 10th Street in a handful of major gateway markets to supplement our ongoing investment activity in core-plus, high cash yield-oriented properties throughout the U.S."

The luxury office building at 733 10th Street is located in the heart of DC's East End office submarket, in close proximity to high-end retail stores, premium hotels and restaurants, two major Metro Stations and 3 blocks from the Verizon Center. Investcorp said that, despite falls in the global oil price, over the past 12 months its total real estate acquisitions have exceeded $1.5 billion in gross asset value as Arabian Gulf investors continue to look to diversify their wealth out of the Middle East region.

For more news and information visit Blumberg Partners.

Jamestown Buys Buys 49% Stake in Manhattan Towers

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.

For more news and information visit Blumberg Partners.

Rockwood/Jamestown Partnership Buys Fifth Ave Tower for $595M

A partnership between Rockwood Capital, Jamestown, Murray Hill Properties, and Crown Acquisitions announced this week that it had agreed to purchase 530 Fifth Avenue in NYC from a partnership led by Thor Equities for $595 million. While full terms of the partnership and deal were not disclosed, Eastdil represented the selling group in the transaction, expected to close in September. The 26-story contains roughly 480,000 square feet of office space with another 55,000 allocated for retail. Major tenants include Desigual, JPMorgan Chase, Fossil, Massachusetts Mutual, Diageo North America, Cablevision, Lionsgate and Athyrium Capital.

Joe Gorin, Managing Director at Rockwood Capital, said, "530 Fifth's dynamic location and architectural features have provided a strong foundation from which to reposition this building as a top tier asset. This property epitomizes Rockwood's strategy of investing in well-located real estate that provides an opportunity to outperform over the long term."

"Fifth Avenue will always serve as an iconic location in NYC for retail and office space," said Michael Phillips of Jamestown. "Once we repositioned the 530 Fifth Ave property with a renovated lobby, internal upgrades and amenities it was with Eastdil's guidance we saw an opportunity to monetize the asset."

For more news and information visit Blumberg Capital Partners.

SF's Ghirardelli Square Sold to Jamestown

The retail portion of San Francisco's Ghirardelli Square was sold this week as Jamestown, an Atlanta-based investment firm, picked up the property for a reported $54 million. The 12-building, 101,258-square-foot retail center in the Fisherman's Wharf District of San Francisco generated more than 30 offers when it came to market. Holliday Fenoglio Fowler's San Francisco office represented the seller, Ghirardelli Acquisition Co., in the transaction; Jamestown's representation was undisclosed, but press releases note that they purchased the complex free and clear of existing financing. The property, which was once the home of Ghirardelli chocolate company's production facilities, was 55% occupied at the time of sale.

Jamestown, which owns Chelsea Market in Manhattan and Ponce City Market in Atlanta, announced that it plans to invest $15 million to revive the property. "Ghirardelli Square is an American icon," Jamestown COO Michael Phillips said in an interview. The firm is hoping for a restaurant-leasing revival mirroring the square's 1990s heyday, when it attracted diners including football stars Joe Montana and Jerry Rice, Phillips said. "Food focus is part of our company culture."

"The world-renowned brand identity coupled with the irreplaceable location and remarkable demand drivers, including up to 16,000 people walking through the square every day, are just a few reasons that make this retail center so unique and special. Consequently, the competition was nothing short of fierce - we had over 200 interested parties and conducted more than 60 tours. Needless to say, this asset has incredible upside potential. I have no doubt Jamestown will turn this already special project into something even more spectacular over the next few years," said HFF's Nicholas Bicardo.

For more news and information visit Blumberg Capital Partners.

SF's 799 Market Street Sold for Over $90M

A partnership between Urban Realty and Commonfund sold 799 Market Street in San Francisco to Jamestown L.P., a national real estate investment and management firm. The parties involved were unable to reveal the sales price to GlobeSt.com, but industry sources unrelated to the deal say the amount was $93.5 million. Eastdil Secured represented the seller in the transaction and helped Jamestown secure financing.

Michael Philips, Jamestown's COO, said in a prepared statement, "The acquisition of this asset is part of our ongoing strategy to expand Jamestown's presence on the West Coast and furthers our commitment to locations that support the intersection of media, technology and retail." Philips added that the property is "well positioned to capture the growing demand from tenants attracted to the area's vibrant atmosphere."

Built in 1968 and renovated in 1986, 799 Market Street is a Class A urban retail and creative-office building with 142,902 square feet of space. The property was 89% leased at the time of sale, with the retail section 100% occupied by a Ross Dress for Less flagship store.

For more news and information visit Blumberg Capital Partners.