Through Darcy Stacom and Bill Shanahan at CB Richard Ellis, the marketing dragged through the latter half of 2009, as potential buyers diminished and UBS stuck to its pricing.
The nation’s ongoing financing issues restrained a quicker conclusion, as did a right of first refusal by Fisher Bros., the operating partner that eventually brought Rockpoint to the table.
“UBS was able to monetize its investment, Fisher likes the partner and Rockpoint gets a good asset and return,” said a source. Sources also said that Rockpoint’s return will be greater than 6%, and there is a growing war chest for capital improvements after UBS exits. “This is a signal that the market is continuing to strengthen and-dare I say it? -recover,” said Woody Heller of Studley, who wasn’t involved in the deal. “To see Rockpoint come forward into the transaction is an affirmation that there is investor confidence in a new pricing paradigm.”
On the other hand, the multi-property HSBC headquarters at 492 Fifth Ave. near Bryant Park was sold for $380 a foot. The whole space is going to be leased b ack to HSBC for one year, and then the company intends to occupy about two-thirds of it for nine more years.
Via: NY Post