Lighthouse Real Estate Ventures completes 3 transactions totaling $246.6 million

Lighthouse Real Estate Ventures, Inc., one of metropolitan New York's most active commercial real estate developers, has launched into 2008 from an unprecedented position of strength, following several record transactions in 2007.   Highlights of the firm's recent transactional history include the sale of three landmark office buildings in lower Manhattan and on Long Island. In December, Lighthouse completed the sale of the landmark Franklin National Bank building, located at 925 Hempstead Tpke. Lighthouse acquired the 36,000 s/f building for $3.9 million in October 2004, from a net lease owner selling at the expiration of a master lease with Citibank.  At closing, Lighthouse consummated a new lease with JP Morgan Chase for a new bank branch and negotiated new leases with Citibank's sub-tenants.  Substantial investments in upgrading building amenities and operating systems increased occupancy form 67% to 98% at the time of sale. Lighthouse sold the building for $9.6 million.     Another major transaction of the year was the firm's sale of its interest in one of the region's best known commercial properties, the former 1-800-FLOWERS building located at 1600 Stewart Ave. in Westbury.  The 220,000 s/f building was acquired with a capital partner in October, 2003 for $30.5 million. Extensive renovations and improvements, including a new energy management system, and hands-on leasing and management by Lighthouse successfully improved the value of the building over the next three years.  In January 2007 Lighthouse sold its ownership at a price equivalent of $57 million. In the third transaction, Lighthouse divested its ownership of 100 William St., an office tower in New York City's financial district, which it had acquired in October 1999 for $44.9 million.  The firm invested an additional $10 million for renovations and capital improvements to the 421,000 s/f former Chubb Insurance headquarters.  The 2007 sale price was $180 million. "Redeveloping under-managed properties to create valuable, high-occupancy, tenanted assets is our strength," said Paul Cooper, a Lighthouse principal. "We generated excellent momentum in 2007 and expect that 2008 will bring equally exciting results."