NEW YORK CITY—A $38.1 million preferred equity investment has been made in 95 Morton St., Class A office property in Midtown South. Announced just two weeks ago as the local headquarters for PayPal, the West Village building spans 205,000 square feet.
On behalf of the asset'sd owner, Brickman, the financing was arranged by HFF, which worked to secure the preferred equity through a national REIT. The capital will be used to complement existing low-leverage financing, support further lease-up and allow for additional base building capital improvements.
95 Morton St. is located one block from the Hudson River and Hudson River Park, and within walking distance of subway lines 1, ACE, BDF and the PATH train. Originally built in 1911, the property was renovated in 2000 and is 88 percent leased to a variety of technology, advertising, media and information tenants.
The HFF equity placement team was led by senior managing director Jay Marshall, associate director Christopher Peck and associate director David Fowler.
“Brickman's foresight to invest in the West Village office market prior to its emergence as a premier submarket resulted in a tremendous amount of imputed value,” says Marshall. “We were pleased to be able to provide a national REIT with an excellent investment opportunity in a hyper competitive market and at the same time lower Brickman's original basis.”
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