NGKF Capital Markets, serving as the exclusive advisor to ATCO, closed on $71 million in financing for the acquisition of 240 West 35th Street, New York, New York. Metlife issued the senior loan. Established over 80 years ago, ATCO has assembled an impressive portfolio that includes over 20 buildings. The portfolio of New York City properties includes: 555 Fifth Avenue, 40 Central Park South, 41 West 58th Street, 630 Third Avenue, 381 and 373 Park Avenue South, and Atlas Terminals. ATCO’s investments are primarily focused in New York City but also include properties nationwide as well as several investments in Europe.
Executive Managing Director Jordan Roeschlaub, along with Senior Managing Directors David Colen and Garett Stoffels, and Managing Director Daniel Fromm led the NGKF Capital Markets team that arranged the financing to facilitate ATCO’s $108 million acquisition of the 18-story building from RPW Group. The floating-rate loan was structured with a three-year initial term and two one year extension options to facilitate the purchase.
240 West 35th Street is an 18-story, 165,720-square-foot boutique office building located between Seventh and Eighth Avenues in Midtown Manhattan. The building is currently 95% occupied and recently underwent a comprehensive modernization program which delivered significant upgrades to the property’s common areas, mechanical systems, façade and tenant spaces. Current tenants are primarily in the creative industries - fashion, technology, media/internet, engineering and manufacturing. The building offers excellent northern and southern views with windows on three sides along with a prime location in the geographical center of the Penn Plaza/Times Square South submarket.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.