A team spokesman declined to reveal the details of thetransaction, citing company policy. Soft drink maker Red Bullbought the team from AEG in 2006, paying $30 million for the team,$45 million for a half interest in the stadium and $25 million forthe venue's naming rights.

And RBNY will tweak the final product a bit, according tomanaging director Marc de Grandpre. The seating capacity will bebumped up to the 25,000 level, and a concert stage will be deleted,making it a soccer-only facility. "We would like to thank AEG fortheir hard work in our partnership over the past 18 months," deGrandpre says.

Site work started for the facility a year ago, and it's nowslated to be finished in 2009. It's a cornerstone project of theunder-construction Harrison MetroCentre, a mixed-use redevelopmentbeing done by the Bedminster-based Advance Realty Group.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.