Tribeca Partnership Takes Leasehold in Bush Tower

NEW YORK CITY-One of Manhattan's first skyscrapers has traded to Tribeca Associates LLC, which has acquired the leasehold interest in the historic Bush Tower office building in Midtown in a deal for which Mesa West Capital provided acquisition financing. Terms of the deal were not disclosed; the New York Post reported that the seller, American Properties, had sought $165 million when it last had the 30-story tower up for sale two years ago.

Tribeca and its partner in the deal, investor and asset manager Meadow Partners, now will reposition the asset to take advantage of its location. In the process, they'll give it a new moniker to reflect that location: 130 West 42nd Street at Bryant Park.

“We are delighted to have acquired the leasehold interest in the property with its proximity to Bryant Park and its adjacency to some of the finest office product in Midtown including 1 Bryant Park, 1095 Avenue of the Americas and 4 Times Square,” says Elliott Ingerman, principal of Tribeca. “We will be able to offer boutique-size tenants a full-floor presence in one of the most desired locations in Midtown and at the crossroads of all major public transportation.”

American Properties has owned the 85-year-old Bush Building since 1983, when the Bryant Park neighborhood had yet to complete its transformation into the thriving area it is today. “This is a wonderful asset and we're pleased to entrust its further development to great partners like Tribeca Associates and Meadow Partners,” says American Properties' Marwan Dalloul. “We've discussed the plans over a long period of time, and we believe in their vision for taking the property to the next level.” Tribeca and Meadow have hired a CBRE team of David Hollander, Paul Walker and Christie Harle as exclusive leasing agents for the property.

Completed in 1918, the Bush Building was developed by Irving T. Bush as a commercial display gallery and social space for international trade coming through the Bush Terminal Market in Brooklyn. The repositioning will be aimed at taking advantage of the property's distinctive architectural details such as 12-foot clear ceiling heights, oversized windows and views on four sides.  “It is rare to find full floors of 5,000 square feet in Midtown with this level of inherent beauty,” says architect Robert Finger.