NEW YORK, NY – October 26, 2011 – (RealEstateRama) — On behalf of the owners of One Madison Park, FKF Madison Group Owner LLC and its affiliated debtors (collectively, the “Debtors”), Jones Lang LaSalle today announced the firm’s special asset services experts have been hired to solicit competing proposals to reorganize the Debtors under Chapter 11 of the United States Bankruptcy Code.
With the goal of maximizing recoveries to the Debtors’ creditors, Jones Lang LaSalle is presenting qualified investors the opportunity to submit proposals superior to the plan commitment letter and term sheet already filed by the Debtors’ largest creditor, One Madison FM LLC (“OMF”). Competing bids are due no later than Thursday, December 8, 2011, at 5:00 p.m. (EST). Bidders whose bids are deemed “qualified” will be invited to participate in an auction that will be held on Tuesday, December 13, 2011, at which time the winning bidder’s highest and best bid will be selected and subsequently presented to the United States Bankruptcy Court for the District of Delaware.
Leading the Jones Lang LaSalle team on this transaction is Capital Markets’ Executive Vice President Joshua D. Gleiber.
“One Madison Park possesses an irreplaceable location fronting Madison Square Park and extraordinary panoramic views of New York City resulting from its ultra-tall and slender configuration,” said Gleiber. “Properties of this quality rarely become available in the city, and this offering represents a singular opportunity for an investor to reorganize the Debtors’ and thereby recognize significant value through the sale of the remaining unsold condominium units.”
Situated at the foot of famed Madison Avenue, One Madison Park is a 50-story, 69-unit, ultra-luxury residential condominium high rise located at 22 East 23rd Street in the Flatiron neighborhood of Manhattan. One Madison Park was designed by architect Cetra/Ruddy, with plans for amenities that compliment the luxury residences including a private screening room, indoor pool, a spa and fitness center, a wine cellar and storage units. The property also includes development rights to an adjacent vacant lot fronting East 22nd Street.
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2010 alone, Jones Lang LaSalle Capital Markets completed $43 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $33 billion in global investment sales and buy-side transactions, equating to nearly $140 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its office broker volumes by 257 percent in 2010 and is quickly gaining market share across all property types. The firm’s Capital Markets team comprises approximately 800 specialists, operating in 185 major markets worldwide.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 70 countries from 1000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $45.3 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.
Contact:
Heather Filkins
Phone: +1 312 228 2139
Email: Heather.Filkins (at) am.jll (dot) com
Paige Steers
+1 312 228 2797
Paige.Steers (at) am.jll (dot) com
