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ARC Recovery REIT Buys Stake in NYC's Worldwide Plaza for $220.1M
 | Worldwide Plaza features 1.8 million square feet of office space, 30,000 square feet of retail space and a five-stage off-Broadway theater. (Photo courtesy of Wikimedia Commons) |
NEW YORK CITY -- American Realty Capital New York Recovery REIT Inc. (NYRR), a publicly registered, non-traded REIT, has entered into an agreement to acquire a 48.9 percent equity interest in the Worldwide Plaza office tower in New York City. NYRR expects to acquire its stake for $220.1 million, exclusive of closing costs.
The sellers, George Comfort & Sons and RCG Longview, will retain the remaining 51.1 percent equity interest in Worldwide Plaza, located on Eighth Avenue between 49th and 50th streets in Manhattan.
To read the full story, click here.
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Shopping Center Owner Brixmor Sets Terms for $750M IPO
 | Since Blackstone acquired Brixmor in 2011, the company has invested $399 million in upgrading some of its shopping centers to drive leasing. |
NEW YORK CITY -- Brixmor Property Group, a retail landlord owned by private-equity firm Blackstone Group LP, announced today the terms of its initial public offering (IPO). The New York -based company plans to raise $750 million by offering 37.5 million shares at a price range of $19 to $21.
At the top end of the expected price range, the REIT would be valued at about $4.61 billion. Brixmor, which first filed for an IPO in July, plans to use proceeds from its offering to repay debt. The company intends to list on the New York Stock Exchange under the symbol "BRX".
Bank of America Merrill Lynch, Citigroup, JP Morgan, Wells Fargo Securities and Barclays are among the lead underwriters for the IPO.
To read the full story, click here.
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Cushman Arranges $90.8M Sale of Office Portfolio in Hopewell
 | The office portfolio is located at 1100, 1150 and 1200 Merrill Lynch Drive in Hopewell, N.J. |
HOPEWELL, N.J. -- Cushman & Wakefield has arranged the $90.8 million sale of 1100, 1150 and 1200 Merrill Lynch Drive, a trio of Class A office buildings in Hopewell. A partnership including Fortress Investment Group, Sansome Pacific Properties, Normandy Real Estate Partners and Skyline Pacific Properties sold the 380,000-square-foot complex to American Real Estate Partners. The buildings are part of Merrill Lynch's 12-building, 1.8 million-square-foot Hopewell campus and house the firm's global wealth and investment management division.
Cushman also arranged $60 million in acquisition financing for the office portfolio. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Grace Braverman of Cushman & Wakefield's metropolitan capital markets group represented the sellers in the transaction. Mark Ehlinger and John Alascio of Cushman & Wakefield's equity, debt and structured finance team arranged acquisition financing on behalf of the American Real Estate Partners.
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RFR Realty to Give Manhattan Office Building a $65M Makeover
 | RFR plans to renovate most of the office building located at 285 Madison Ave. in Manhattan. |
NEW YORK CITY -- RFR has unveiled a $65 million capital improvement plan for its 530,000-square-foot office tower located at 285 Madison Ave. in Manhattan. RFR plans include redesigning the office tower as a green building and achieving LEED Silver certification. The tower's infrastructure will get a boost with new elevators and HVAC system, and the entrance and lobby of the 1920s-era building will be redesigned. Additionally, 40,000 square feet of retail space will be offered.
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InterFace Multifamily Southeast Conference
When: December 4 -5
Where: Westin Buckhead Atlanta, 3391 Peachtree Road in Atlanta
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InterFace Healthcare Real Estate Southeast Conference
When: December 13-15
Where: Westin Buckhead Atlanta, 3391 Peachtree Road in Atlanta
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Newark and Suburban Design Awards
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Overview: AIA Newark & Suburban Architects, a section of the New Jersey chapter of the American Institute of Architects, is hosting the 20th annual Newark and Suburban Design Awards. The event will celebrate architecture and feature project boards from regional AIA members.
When: Wednesday, Oct. 17, 5:30 p.m. - 9:30 p.m.
Where: Morris Museum, 6 Normandy Heights Road in Morristown, N.J.
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The Changing Lehigh Valley Economy Forum
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Overview: The Lehigh Valley Economic Development Corp. has joined forces with the Lehigh Valley Consortium of Professional Organizations to provide an in-depth analysis of the region's economy. The presentation will examine how Lehigh Valley's economy has evolved during the past decade and discuss its characteristics today. The organization will also analyze global economic forces that could shape Lehigh Valley's future.
When: Wednesday, Oct. 30, starting at 4 p.m.
Where: The Barristers Club, 1114 Walnut St. in Allentown, Pa.
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SIOR: Industrialist of the Year Award
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Overview: The Western Pennsylvania chapter of the Society of Industrial & Office Realtors (SIOR) will honor the 2013 Industrialist of the Year Award recipient.
When: Monday, Nov. 18, starting at 6 p.m.
Where: The Duquesne Club, 325 Sixth Ave. in Pittsburgh
Have an event that you would like to share with our readers? Send an email with the details to rgoff@francemediainc.com.
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Contact us
Rachel Goff, Associate Editor Northeast Real Estate Business France Media, Inc. 404-832-8262 404-832-8260 northeast@francemediainc.com www.rebusinessonline.com |
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