SOLD: 2014, $80,180,000
PARTNERS: Meritage Properties and Avenue Capital
LENDERS: HSH Nordbank
BUILDING SQUARE FOOTAGE: 162,540 square feet
Hidrock Properties purchased this property with Meritage Properties and Avenue Capital in August of 2008. within the first 11 months of ownership, Hidrock completed work on a renovated lobby, new bathrooms, new common corridors and a new roof and façade restoration for the building. These renovations significantly upgraded the building’s appearance, efficiency and desirability. Hidrock also installed a new security system and upgraded the access card system for the tenants to access the building 24/7.
As a result, a new mix of tenants was signed, such as United Business Media, Reem Acra, Jason Wu and Newsday’s am New York. From the time Hidrock purchased the property to the time it was sold, the average rent increased from $25 psf to $39 psf.