{"id":39215,"date":"2024-07-15T07:20:56","date_gmt":"2024-07-15T04:20:56","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=39215"},"modified":"2024-07-10T10:33:13","modified_gmt":"2024-07-10T07:33:13","slug":"99c-buys-financial-district-office","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/99c-buys-financial-district-office\/","title":{"rendered":"Carlo Bellini-Owned Financial District Office Changes Hands in $297 Million Transaction"},"content":{"rendered":"

Carlo Bellini\u2019s 99c has expanded its footprint across New York City with the acquisition of a 1.2-million-square-foot office tower in Manhattan\u2019s Financial District. The company forked over $297 million to buy 180 Maiden Lane from a joint venture between Clarion Partners and MHP Real Estate.<\/p>\n

The deal was mediated by Eastdil Secured\u2019s\u00a0Gary Phillips\u00a0and\u00a0Will Silverman.<\/p>\n

The 41-story property \u2014 which changed hands following a court-ordered short sale \u2014 was bought by its previous owners in 2015 for a much heftier price tag. At the time, South Street Seaport received $470 million for 180 Maiden Lane with Blackstone financing the acquisition through a $248 million loan.<\/p>\n

The new owners then obtained $372 million in refinancing<\/a> from ING Capital in 2020, directing $175 million toward renovations, which included upgrading the building\u2019s fa\u00e7ade, tenant buildouts and rooftop deck.<\/p>\n

However, despite securing some large leases in 2018 with the likes of\u00a0National Debt Relief for 95,000 square feet and the\u00a0New York Liquidation Bureau for 43,000 square feet, the owners found themselves unable to service the loan by the start of 2024.<\/p>\n

So, as the loan was about to come due in 2023, Clarion and MHP were given the option to put the property on the market in January for a short sale, instead of going into foreclosure.<\/p>\n

Located on the East River waterfront, 180 Maiden Lane has a 68% occupancy rate. The tenant roster includes debt education nonprofit\u00a0City Year, event marketing platform\u00a0Splash, insurer\u00a0Cover Whale and financial services firm\u00a0Royal Funding Group.<\/p>\n

This recent deal is the second purchase of New York City real estate for the Canadian biotech entrepreneur. Just two years prior, Bellini spent $252 million on 175 Water St., the former AIG headquarters located nearby.<\/p>\n

Looking for office space for rent in Manhattan or other top markets? Select any of the locations linked below or visit the\u00a0<\/em>CommercialCafe.com<\/em><\/a>\u00a0homepage to start your search!<\/em><\/p>\n\n\n\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t
Office space in Houston<\/a><\/td>Office space in Los Angeles<\/a><\/td>Office space in Fort Lauderdale<\/a><\/td>\n<\/tr>\n
Office space in Dallas<\/a><\/td>Office space in Chicago<\/a><\/td>Office space in New York City<\/a><\/td>\n<\/tr>\n
Office space in Austin<\/a><\/td>Office space in San Francisco<\/a><\/td>Office space in Fort Worth<\/a><\/td>\n<\/tr>\n
Office space in Boston<\/a><\/td>Office space in Seattle<\/a><\/td>Office space in Manhattan<\/a><\/td>\n<\/tr>\n
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Office space in Phoenix<\/a><\/td>Office space in Philadelphia<\/a><\/td>Office space in Pittsburgh<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n","protected":false},"excerpt":{"rendered":"

Carlo Bellini\u2019s 99c has expanded its footprint across New York City with the acquisition of a 1.2-million-square-foot office tower in Manhattan\u2019s Financial District. The company forked over $297 million to buy 180 Maiden Lane from a joint venture between Clarion Partners and MHP Real Estate.<\/p>\n","protected":false},"author":56,"featured_media":39217,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,38,4014,39],"tags":[],"class_list":["post-39215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-featured","category-office","wpautop"],"acf":[],"yoast_head":"\nCarlo Bellini-Owned Financial District Office Changes Hands in $297 Million Transaction - 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