Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Denver-based BCN Development completed the acquisition of 315 Park Ave. Tuesday afternoon. GlobeSt.com first covered the deal in the middle of March.

While BCN’s CEO Craig Nassi declined to reveal the total acquisition cost, he tells GlobeSt.com that UBS provided a $265-million acquisition loan, which accounted for more than 90% of the price. As GlobeSt.com previously reported the 21-story building traded at a 5% cap rate in an off-market transaction.

This is the first Manhattan acquisition for the Denver company. Nassi says, “We love the office market in Midtown,” and with prime space “running out at a fast pace and new office construction at prime locations is virtually zero,” the transaction made sense. BCN has four other properties in Manhattan under contract. Nassi declined to offer more details on any of the deals but says they should all be closed by the end of the year. UBS is also financially backing some of the other deals the company is pursuing.

Credit Suisse First Boston is the building’s major tenant, holding a long-term lease on about 82% of the fully occupied building. Nassi says the average rent in the 330,000-sf building is around $65 per sf.

BCN was started in 1993 by Nassi and focuses mainly on creating high-end, mixed-use properties.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.