Water Ridge Office Park Sold for $115M

A partnership managed by Mainstreet Capital has sold Water Ridge Office Park in suburban Charlotte, North Carolina in a $115 million sale arranged by Holliday Fenoglio Fowler, L.P. (HFF). New York Life Real Estate Investors coordinated the acquisition of the 11-building, 844,958-square-foot, Class A office park on behalf of New York Life Insurance Company who purchased the portfolio. Mainstreet Capital Partners and Goldman Sachs Group Inc. listed the portfolio for sale this spring. The property previously traded hands in January 2013 when Archon Group, the real estate investment and management arm of Goldman Sachs Group Inc., together with Mainstreet purchased the office park from affiliates of TIAA-CREF for $75 million.

"Given Water Ridge's proximity to the airport, Downtown Charlotte and numerous residential areas, the park has experienced tremendous leasing demand and rents have climbed considerably over the last few years," said Ryan Clutter, Senior Managing Director at HFF, who represented the seller. "This well positioned office park received strong interest from institutional capital who continue to have a strong appetite for Charlotte opportunities."

The buildings at Water Ridge, formerly known as LakePointe Office Park, were 82% occupied at the time of sale with major tenants including The Vanguard Group, SunTrust Banks Inc., Carolinas HealthCare System, Publix Super Markets and Midrex Technologies Inc. Built between 1989 and 2001, the park has undergone an extensive renovation in the past year with updates to many of the lobbies, restrooms and elevators throughout the park.

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NYL Buys Culver City Property for $131M

New York Life Real Estate Investors, a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company, announced this week that it had closed on the acquisition of a two-building office property in Culver City, California for $131.25 million, or $296 a square foot. The property was sold by Chicago's Pearlmark Real Estate Partners, who originally purchased the property for $275 per square foot in 2008 from Arden Realty Inc. Bob Safai of Madison Partners represented Pearlmark in the transaction, while New York Life represented itself.

"The 400 and 600 Corporate Pointe properties represent an excellent opportunity to invest in two high quality assets. We plan to upgrade and re-position the two buildings so that they will continue to attract top tier tenants from within the Los Angeles market," said Chris Hunt, senior director at New York Life Real Estate Investors.

"Once refreshed, these buildings will be well-positioned to take advantage of the tremendous demand from technology, media and content companies expanding in the Playa Vista area," added David Binswanger of Lincoln Property Company who will manage the properties for New York Life Investors.

Situated in the prime Lower Westside market area and constructed in 1987 and 1989, 400 and 600 Corporate Pointe consists of two separate, class A office towers totaling 443,705 rentable square feet, along with two on-site parking garages offering a total of 1,584 parking spaces. 400 and 600 Corporate Pointe have a diverse rent roll with notable national, regional and local tenancy including ADP, Sony, Schwarzkopf Professional, ITG Software, Premier Office Centers, Colonial Life, and Antioch University.

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NYL's $507M Financing for 11 Times Square

New York Life Real Estate Investors, a division of NYL Investors under New York Life, provided a $507 million loan against 11 Times Square, a 1.1 million-square-foot office property in midtown Manhattan this week. Building owners Prudential Real Estate Investors, Norges Bank Investment Management and SJP Properties secured the financing through Eastdil Secured; terms of the ten-year loan were not disclosed. According to GlobeSt.com, SJP Properties, the operating partner, will continue to manage and lease the property and will maintain its New York City headquarters in the building.

"New York Life Insurance Company and our co-lender, Northwestern Mutual and New York State Teachers' Retirement System, are very pleased to provide financing for this outstanding asset," said Eric Becher, senior director at New York Life. "The property has an impeccable tenant roster and is conveniently located near numerous subway lines, Port Authority, Grand Central and Penn Station."

The latest loan was provided as part of the 40-story property's recapitalization, in which Norges Bank Investment Management bought a 45% stake for $401.9 million from a partnership of Prudential Real Estate Investors and SJP Properties, according to a Commercial RealEstate Direct report. The loan refinances one of equal size that MetLife and New York Life had provided in 2013.

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NYL Gives $205M Loan for 757 Third Avenue

New York Life Real Estate Investors, a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company, announced this week that it had financed 757 Third Avenue in Midtown Manhattan. The $205 million loan with a term of 15 years was generated for Canadian investment manager Bentall Kennedy; the company purchased the property from Aby Rosen's RFR Holding for $360 million in March, according to a report from The Real Deal.

"757 Third Avenue is a premier, well leased office building located in one of the strongest office markets in the nation," said Eric Becher, Senior Director of New York Life Real Estate Investors' New York Regional Office. "This financing represents an excellent addition to our commercial mortgage portfolio. We are very pleased to expand our relationship with MEPT and Bentall Kennedy in financing their acquisition of this quality asset."

Designed by noted Architects Emery Roth & Sons, the tower was completed in 1963 and renovated in 2009. The building is located within minutes of Grand Central Terminal, and has excellent access to public transportation. RFR purchased the 27-story office tower at East 47th Street in 1999 for $103 million and has invested more than $20 million in upgrades to attract a mix of tenants. Last January the tower signed two new marquee tenants: accounting firm Grant Thornton and Berkley Insurance, according to published reports.

For more news and information visit Blumberg Partners.