125 West 55th Street
125 West 55th Street / New York City
Transaction Summary
Situation Overview
Transaction Summary
- Venture Date:
March 2014 - Structure:
Asset Management, Agreement / Incentive Fee - Asset Type:
Office Building - Size:
600,000 SF - Location:
New York, NY
Situation Overview
- The Company was asked to interface and form a relationship with the two major tenants, and their CEO’s, occupying over 95% of the building.
- Since venture formation with a large institutional asset manager:
- Negotiated and executed a 25-year renewal of the Milos restaurant lease, which included an expansion of the restaurant to previously unoccupied below-grade space, taking the building to 100% occupancy.
- Negotiated and executed a renewal of the 250,000 square-foot Macquarie lease, retaining one of the building’s major tenants.
- Discovered and collected approximately $1M of cash flow that was previous unbilled and unknown.