Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Friday, 31 May 2019

Google Pays $591.8Mln for Manhattan's Milk Studios Office Building

The tech giant has bought the 325,000-square-foot Milk Studios office building in Manhattan's Meatpacking District from Jamestown Properties. The eight-story property serves as collateral for $168.5 million of debt that Deutsche Bank had provided five years ago.

Commercial Real Estate Direct Staff Report

Google Inc. has paid $591.8 million, or $1,821/sf, for the Milk Studios office building in Manhattan's Meatpacking District.

The technology company acquired the 325,000-square-foot property, at 450 West 15th St., from Jamestown Properties, an Atlanta investment manager that had bought it in 2012 for $295.5 million from a venture of Rockpoint Group and Stellar Management. Cushman & Wakefield represented Jamestown in the latest transaction, while CBRE brokered the deal on behalf of the buyer.

Google plans on occupying three floors in the eight-story building, which is encumbered with $168.5 million of debt that Deutsche Bank had provided in 2014.

The deal expands Google's presence in Manhattan, where it has been active since last year. The company had more than 7,000 employees in the borough as of last December and expects to more than double that number in the next 10 years.

In March 2018, Google paid $2.4 billion for the Chelsea Market office and retail building, where it already had been leasing 400,000 sf. It had bought the 1.2 million-sf property, at 75 Ninth Ave., from Jamestown, which had acquired a 75 percent stake in it in 2003 in a deal that, at the time, valued it at $285 million. Eight years later, Jamestown assumed...


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Data Digest







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




cppichart FP



CMBS 2.0 Spreads


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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