NNN Lease Market
The owners of Manhattan’s 11 Times Square, a 40-story skyscraper built as the office market was peaking, have signed their second tenant, law firm Zukerman Gore Brandeis & Crossman LLP. The lease is for 17,144 square feet (1,593 square meters) of the 1.1 million-square-foot tower, said Peter Turchin, a broker at CB Richard Ellis Group Inc. (CBG) who represents the building’s landlords.
The Zukerman lease, signed May 20, should help turn around the $1.2 billion project, Turchin said. Construction of the skyscraper was begun in 2007 during a boom in Manhattan office demand, and completed in 2010 after the credit bubble burst.
“The building was constructed in a flat market, and it is now seeing a benefit from a market that’s in rebound mode,” Turchin said. “I have a high degree of confidence that there will be other tenants, and you’ll be hearing announcements like this in the next coming months.”
Showing posts with label Bought NNN Lease Investment in. Show all posts
Showing posts with label Bought NNN Lease Investment in. Show all posts
Tuesday, May 31, 2011
Friday, March 4, 2011
Zara Spanish Retailer Bought NNN Lease Investment in Manhattan for $324 Million
NNN Lease Market News
Spanish retailer Inditex SA (ITX) said it bought the former NBA Store at 666 Fifth Ave. in Manhattan for $324 million and will make it into a flagship store for its Zara clothing chain.
Inditex acquired the 39,000-square-foot (3,600-square- meter) storefront between West 52nd and 53rd streets, the Arteixo, Spain-based company said today in a statement posted on its website. The site was the home of the National Basketball Association’s flagship shop, where it sold team jerseys and other memorabilia.
That deal helped the tower’s owner, Kushner Cos., cover some of the debt incurred after purchasing the building the year before for $1.8 billion, then the most ever paid for a single NNN Lease Investment U.S. building.
Inditex is one of the worlds largest fashion distributors, with eight sales formats -Zara, Pull and Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterqüe - boasting 4.430 stores in 73 countries.
The Inditex Group is comprised of over one hundred companies associated with the business of textile design, manufacturing and distribution.
Thanks to its achievements and the uniqueness of its management model based on innovation and flexibility, Inditex is one of the largest fashion distribution groups.
Our fashion philosophy -creativity and quality design together with a rapid response to market demands- has resulted in fast international expansion and excellent response to our sales concepts.
The first Zara shop opened its doors in 1975 in A Coruña (Spain), the city that saw the Group's early beginnings and which is now home to its central offices. Its stores can now be found in the most important shopping districts of more than 400 cities in Europe, the Americas, Asia and Africa.
Subscribe to:
Posts (Atom)