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Monday, 16 March 2020

Apollo Lends $133Mln to Fund Purchase of Manhattan's 44 Wall St.

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Commercial Real Estate Direct Staff Report

Apollo Global Management has provided $133 million of financing to help fund Gaedeke Group's acquisition of 44 Wall St., a 354,208-square-foot office building in lower Manhattan.

As reported, the Dallas investment manager bought the 24-story property for $200 million, or nearly $565/sf, from EQ Office, a Blackstone Group affiliate that had owned it since 2016. Finback Real Estate represented Gaedeke, while Eastdil Secured and Hodges Ward Elliott represented EQ Office. George Comfort & Sons Inc. will manage and operate the building, which opened in 1927.

EQ Office had invested $24 million renovating the property, including upgrading its lobby and constructing partial- and full-floor, pre-built office suites. It completed the upgrades last year.

The 44 Wall building is 84 percent leased primarily to technology and media companies. Tenants include GameChanger Media, Giant Spoon, Joan Creative, One Plus, Contently, SMCP Brands and the Cities for Financial Empowerment Fund.

The property sits at the corner of Wall and William streets in the borough's Financial District. It is one block from the New York Stock Exchange and within four blocks of four subway stops.

Gaedeke pursues office buildings with at least 200,000 sf and are at least 80 percent leased in or near major metropolitan areas. Besides 44 Wall, it owns properties in Dallas, Miami, Phoenix and Washington, D.C.

Comments? E-mail Tim Casey or call him at (267) 397-3347.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: New York City
  • States: New York
  • Sector: Office
  • Subject: Mortgages/Financing (MOR)
  • Valuation: Between $100 million and $150 million
  • Private: No
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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