Kramer Levin represents The Pebbles Corporation in purchase of 346 Broadway

Mayor Michael Bloomberg revealed that the city of New York has signed a contract to sell 346 Broadway, the former headquarters of New York Life Insurance Company, to The Peebles Corporation. The landmarked building will be redeveloped by Peebles after the city vacates it. The Peebles Corporation was represented by the Kramer Levin Naftalis & Frankel team of James P. Godman (partner, real estate), Gary Tarnoff (partner, land use), Valerie Campbell (special counsel, land use), Karen Mintzer (special counsel, environmental), Tzvi Rokeach (special counsel, real estate) and Inge Hindriks (associate, real estate)."We remain committed to retaining our tenant roster at 650 Fifth Avenue and we are pleased to have negotiated a mutually beneficial lease extension with TGM Associates," said Dr. Houshang Ahmadi, president of the not-for-profit Alavi Foundation, the majority owner and managing partner of 650 Fifth Avenue Company. "This latest transaction with TGM Associates is a testament to the strong relationship we have built together and we are excited to enter into another ten year partnership. We also look forward to a continued leasing momentum in the coming months as interest in the property is strong, particularly due to our recent extensive capital improvement program." 650 Fifth Avenue is based in the renowned Fifth Avenue corridor, known for its world-class amenities, restaurants and shopping. 650 Fifth Avenue Company, who owns the building free and clear, recently funded an $11 million capital improvement program, working with the world-class architectural firm Swanke Hayden Connell.