CBRE NEW YORK INSTITUTIONAL GROUP COMPLETES $1.25 BILLION IN TOTAL TRANSACTIONS IN 2011
SADDLE BROOK, N.J. (Jan. 24, 2012) – CBRE’s New York Institutional Group, which specializes in the sale of investment properties in the suburban markets surrounding New York City as well as select regional markets throughout the country, completed a total of $1.25 billion in deals in 2011. The transactions include the largest office sale in New Jersey’s history, the largest apartment sale in the Chicago market in 2011 and one of the largest retail transactions nationwide located in Rockville, Maryland.
In the Jersey City deal, Jeffrey Dunne, Kevin Welsh and Brian Schulz collaborated with Darcy Stacom and William Shanahan of CBRE’s Manhattan Office to represent Brookfield Office Properties in the sale of Newport Tower for $377.5 million.
In Chicago, Jeffrey Dunne and Christopher Leonard represented Hartz Mountain Industries in the $320 million acquisition of One Superior Place, a trophy 809-unit apartment and retail tower located at One West Superior Street in downtown Chicago. The team assembled the separately owned leasehold and fee interests to complete the transaction.
In Rockville, Maryland, Jeff Dunne, David Gavin, Bill Kent and Gary Lawrence represented BVS Montrose, LLC in the contribution of an 89% interest in Montrose Crossing, a 437,379±SF regional power center, to Federal Realty.
Jeff Dunne commented, “The diversity of transactions we completed in 2011 showcases the depth of talent within our Group as well as our ability to collaborate with other CBRE offices to structure the best outcome for our clients. This highlights the tremendous strength of the entire CBRE platform of services, as well as the increasing strength in the investment market. We look forward to an even-more productive 2012.”
Other notable transactions include:
· Jeffrey Dunne, Kevin Welsh and Brian Schulz represented TIAA-CREF on the sale of Morris Corporate Center III, located in Parsippany, New Jersey. The team was also responsible for procuring the buyer, institutional investors advised by J.P. Morgan Asset Management (J.P. Morgan). The property sold for $109.2 million.
· Jeffrey Dunne, Kevin Welsh and Brian Schulz represented CBRE Global Investors in the sale of Met Center, a 15-story office building immediately opposite the MetLife Stadium (home of NFL’s Giants and Jets) for $104.9 million on behalf of its CBRE Strategic Partners US fund series. The team was also responsible for procuring the buyer, an affiliate of KBS.
· Jeffrey Dunne and Christopher Leonard represented Hartz Mountain Industries in a $75.8 million, two-property multi-family portfolio: the 131-unit, Windsor at Chancery Square in Morristown and the 116-unit Windsor at Morris Plains in Morris Plains, New Jersey. By working in tandem with James Gunning and Donna Falzarano of CBRE Debt & Equity Finance, the CBRE team was also able to source attractive long-term financing with Provident Bank.
· Jeffrey Dunne and David Gavin represented HH East Parcel LLC, an entity led by Summit Development of Southport, Connecticut, in the sale of Kings Crossing Shopping Center, a Whole Foods anchored new retail center, in Fairfield, Connecticut for $57.5 million. The team was also responsible for procuring the buyer, TIAA-CREF Global Investments, LLC.
· Jeffrey Dunne, Steven Bardsley and David Gavin represented Antares One Dock LP in the sale of One Dock Street in Stamford, Connecticut for $16 million. The team was also responsible for procuring the buyer, Dock Street Holdings LLC, a joint venture between Meritage Properties and ClearRock Properties. The transaction marks the first significant office investment sale in the Stamford market since 2008. Later in 2011 this same team also represented Random Properties Acquisition Corp. IV in the sale of 750 East Main Street in Stamford’s CBD for $17 million
The CBRE New York Institutional Group specializes in the sale of investment properties in the suburban markets surrounding New York City as well as select regional markets throughout the country. The Group services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed over $9 billion in property sales in all property types over the last four years.
Based on its ability to strategically advise clients through complex real estate and capital market cycles, CBRE has consistently achieved the highest sales prices in each of the region’s submarkets. Through its affiliation with CBRE Debt & Equity Finance, a leading debt and equity firm, CBRE is also able to provide clients with a comprehensive array of financial instruments and strategies. The unique platform comprised of Debt & Equity Finance and Investment Properties, works seamlessly to assure clients that all alternative recapitalization strategies are evaluated. When working with buyers of assets, optimal debt structures are often secured, enabling borrowers to obtain more loan proceeds at attractive terms and sellers to achieve better results. By combining investment sales with debt and equity solutions, investors are ultimately provided with maximum flexibility to achieve their capital needs.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.