Joint venture of SL Green and Wharton Acquisitions purchases 1552 Broadway from Riese Organization
NEW YORK, NY – August 25, 2011 – (RealEstateRama) — Jones Lang LaSalle announced its New York Capital Markets team has closed the sale of 1552 Broadway for the Riese Organization. A joint venture of SL Green and Wharton Acquisitions purchased the 15,000-square-foot retail property for $136,550,000.
Leading the Jones Lang LaSalle team on this transaction were Vice Chairmen Jon Caplan, Richard Baxter, Ron Cohen and Scott Latham.
The four-story landmark building, also known as the I. Miller Building, is strategically located at the northeast corner of 46th Street and Broadway, across from Duffy Square. In addition to a four-story TGI Friday’s, the property features two prominent billboard signs on the Times Square “bow tie” and approvals for a third sign.
“It’s a special property with huge potential. Times Square is the billboard capital of the world, and its retail rents are approaching those on Fifth Avenue in the 50’s–the highest levels in New York City,” noted Caplan.
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 our 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 more than 1,000 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 $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
