Caplan, Baxter, Cohen and Latham of JLL close $136.55 million sale; Joint venture of SL Green and Wharton acquire 15,000 s/f retail property

According to Jones Lang LaSalle (JLL), its New York Capital Markets team has closed the sale of 1552 Broadway for the Riese Org. A joint venture of SL Green and Wharton Acquisitions purchased the 15,000 s/f retail property for $136.55 million. Leading the JLL team were vice chairmen Jon Caplan, Richard Baxter, Ron Cohen and Scott Latham. The four-story building, also known as the I. Miller Building, is located at the northeast corner of 46th St. and Broadway, across from Duffy Sq. In addition to a four-story TGI Friday's, the property features two billboard signs on the Times Sq. "bow tie" and approvals for a third sign. "It's a special property with huge potential. Times Sq. is the billboard capital of the world, and its retail rents are approaching those on Fifth Ave. in the 50's­­—the highest levels in N.Y.C.," said Caplan. JLL 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, JLL 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 U.S., JLL grew its office broker volumes by 257% in 2010 and is quickly gaining market share across all property types. The firm's Capital Markets team comprises 800 specialists, operating in 185 major markets worldwide. 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, JLL 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 1.8 billion s/f 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.