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Monday, 04 November 2019

Swiss Pension Fund Adviser Lines Up $102.2Mln of Financing for 2 Manhattan Office Acquisitions

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Commercial Real Estate Direct Staff Report

AFIAA Foundation for International Real Estate Investments has secured $102.2 million of financing to help fund its acquisition of two office buildings with 251,174 square feet in Manhattan.

ING Capital provided the Zurich, Switzerland, pension fund adviser a $50 million loan against the 118,074-sf property at 158 West 27th St. Meanwhile, Allianz Life Insurance Co. lent $52.2 million against the 133,100-sf property at 45 West 45th St.

In late September, AFIAA paid a venture of ASB Capital Management and George Comfort & Sons $99.4 million, or $842/sf, for the 158 West 27th property. Cushman & Wakefield brokered the deal.

The ASB/George Comfort venture had acquired the property four years ago for $82.5 million and invested an additional $10 million on renovations.

The 12-story building, which was constructed in 1913, has 97,526 sf of office space and 19,228 sf of retail space. It is 92 percent leased to tenants that include Furnished Quarters, Barton Hall and Planet Fitness. It sits between Sixth and Seventh avenues in Manhattan's Chelsea neighborhood and is across from the Fashion Institute of Technology.

Meanwhile, AFIAA last summer paid $126 million, or $947/sf, for the 45 West 45th building. Vanbarton Group, a New York investment manager, sold the property, which it had bought in 2015 for $81 million. Hodges Ward Elliott brokered the latest sale.

The 16-story building, which was built in 1923 and renovated last year, is between Eighth and Ninth avenues in the borough's Midtown area. Tenants include the Valerie cocktail bar, Orangetheory Fitness and Knotel Inc., a co-working company that signed a lease for 35,000 sf earlier this year.

AFIAA, which has about $2.6 billion of assets under management, pursues office and retail properties with total capitalizations of $50 million to $150 million in North America, Europe and Australia. It owns one other property in Manhattan: 119-125 West 25th St., a 138,000-sf office and retail building that it had acquired three years ago for $150 million from a venture of Normandy Real Estate Partners, Waterbridge Capital and NTT Urban Development.

AFIAA's other U.S. holdings are the 56,329-sf Arch Square office and retail building at 675 H St. in Washington, D.C., which it had bought in 2015 for $106 million, and two Austin, Texas, office buildings: the 123,000-sf 501 Congress Ave., which it acquired four years ago for $79.1 million, and the 280,000-sf 400 West 15th St., which it has owned since 2008.

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



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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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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
Read 192 times Last modified on Tuesday, 05 November 2019

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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