X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Tokyo-based Mitsui Fudosan America Inc. has closed on its purchase of 100 William St., a 400,000-sf class A office building here, for a reported $180 million from a locally based partnership led by West Hempstead-based Lighthouse Real Estate Ventures Inc. The seller had owned the property since 1999, when it, along with Cargill Financial Services, purchased the building from Taconic Investment Partners and Blackacre Capital Management LLC for $45 million.

Built in 1973, the 21-story office tower is currently more than 90% leased. Tenants include Reuters, Interactive Data Corp., Level 3 Communications and Citibank. Lighthouse Real Estate Ventures, Mitsui Fudosan and CB Richard Ellis, who marketed the property on behalf of Lighthouse Real Estate Ventures were unable to be reached for comment regarding further terms of the transaction by press deadline.

“100 William’s location within Downtown Manhattan perfectly complements our company’s long-term strategic presence in the New York market, while also affording the owners the opportunity to add value through a repositioning program,” notes Kosei Murakami, president and CEO of MFA, in a prepared statement. “Our strategy of acquiring quality assets in established but growing markets is reflected in this transaction, and has helped to enhance global competitiveness and profitability.” Murakami adds that 100 William St. is a stable, income-generating property that will benefit from repositioning and the resurgence of the Downtown market.”

MFA owns approximately 2.3 million sf of commercial space in its flagship property at 1251 Avenue of the Americas in New York City, where rents are now breaking $100 per sf. The company says in a statement that it continues to aggressively grow its US portfolio, with a strong focus on the New York City, San Francisco, Boston and Los Angeles markets. In the past year, MFA has acquired significant holdings in Washington, DC and San Francisco, and also owns two substantial properties in Downtown Los Angeles that it is holding pending future development opportunities.

“As we planned our reentry into the US commercial real estate market, we were attracted to Downtown Manhattan because of its solid underlying fundamentals and the continued, steady improvement of its office market. Murakami adds that 100 William St. is centrally located in the revitalized Manhattan Downtown district and possesses all of the characteristics we look for as we evaluate acquisitions.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.