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Brokerage
Posted: August 8, 2011
Monday Properties recaps 230 Park with Invesco
Monday Properties and Dallas based investment manager Invesco Real Estate have completion of the recapitalization of 230 Park Ave. The 230 Park Ave. transaction is the largest single-asset investment that Invesco has made. This is a long-term investment with Monday Properties. The partnership will complete the repositioning of 230 Park Ave., initiated by Monday Properties in 1998. Monday Properties will be the operating partnerof the partnership and will continue to be the managing and leasing agent for the 34-story landmark.
Jonathan Geanakos, managing director and co-head of real estate, lodging & leisure of Houlihan Lokey, advised Invesco on its investment with Monday Properties.
Monday Properties has managed 230 Park Ave. since 1998 and purchased the building in 2007. The 1.4 million s/f office building straddles Park Avenue and stands atop Grand Central Terminal. Originally built as the headquarters for the New York Central Railroad Co., the beaux-arts style building quickly became a global icon and one of the city's first landmarked buildings.
The building's tenants include national and global firms such as; ING, Tokio Marine Management, Novartis, Simon Property Group, Otterbourg, Steindler, Houston & Rosen P.C. and Lathrop & Gage. The building has also earned numerous achievements within the real estate industry, including becoming New York City's first pre-war office building to obtain LEED-EB Gold; BOMA NY awarding 230 Park Avenue "Operating Office Building of the Year - 2010" for office buildings over one million s/f; and designated as a BOMA 360 Performance Building for excellence in sustainability, life safety and security.
"We are excited to begin our partnership with Invesco and commence this new chapter for 230Park Avenue. The market consistently rewards the property for delivering exceptional service in a unique, landmark environment. We will continue that focused plan and be an outstanding choice for our tenants and our partner," said Anthony Westreich, president and chief executive officer of Monday Properties.
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