Edelstein, Adler and Hingson of Meridian Capital negotiate $21 million; Rizzi, Rutman and Oliver of HFF handle sale of 305,594 s/f

June 06, 2017 - Upstate New York
Steven Edelstein,
Meridian Capital Group

 

Steven Adler,
Meridian Capital Group

 

Luke Hingson,
Meridian Capital Group

 

Rob Rizzi,
HFF

 

Steven Rutman,
HFF

 

Michael Oliver,
HFF

 

One Lincoln Center,
110 W. Fayette Street -
Syracuse, NY

Syracuse, NY Meridian Capital Group negotiated $19 million in initial acquisition financing, followed by $2 million for the repositioning of One Lincoln Center, an office property, on behalf of Asher Zamir, founder and chairman of Zamir Equities. The loan, provided by a debt fund, was negotiated by Meridian vice president, Steven Edelstein, managing director, Steven Adler and vice president, Luke Hingson, who are all based in the company’s New York City headquarters. 

Holliday Fenoglio Fowler, L.P. (HFF) marketed the property on behalf of a private seller and procured the buyer, Zamir Equities. The 305,594 s/f class A office tower sold for $25.25 million. The HFF investment sales team representing the seller was led by managing director Rob Rizzi, associate director Steven Rutman and director Michael Oliver.

“Zamir Equities’ knowledge of the suburban office market, and their ability to reposition assets quickly and efficiently, will lead to One Lincoln Center becoming another successful addition to the impressive portfolio of Mr. Zamir and his incredible team,” said Edelstein.

 “Thanks to the sponsor’s strong track record, Meridian was able to structure a financing solution that provided maximum leverage for the acquisition and repositioning of the property, while also securing below market pricing,” said Hingson.

The 17-story property is 86% leased to a diverse roster of tenants, including JP Morgan Chase, Bond Schoeneck & King PLLC, Cadaret Grant & Co LLC, Bousquet Holstein, Grossman St.Amour and Arcadis.

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