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C&W Arranges Preferred Equity for Purchase of One Court Square
18 Jul, 2012, New York
Cushman & Wakefield has arranged preferred equity for a group of private investors to
purchase One Court Square, also known as the Citigroup Building, located in Long Island City,
New York. The preferred equity investment was provided by a joint venture between affiliates of
the Paramount Group, Inc. and investment vehicles managed by affiliates of Colony Capital, LLC.
One Court Square is a 1.5 million square foot, 50-story, class-A office building located at the intersection of Jackson Avenue and 45th Avenue. Constructed in 1989 and renovated in 2002, One Court Square is fully net-leased to Citibank, N.A. Designed by architect Skidmore, Owings and Merrill, One Court Square is the tallest building in New York City outside of Manhattan and is easily recognizable within the backdrop of Manhattan. The building has direct, in-building access to three subway lines (the E, M and G), two of which are one stop to the Lexington Avenue/53rd Street Station in Midtown Manhattan, and is located within one block of the 7 line, which provides three stop, eight-minute access to Grand Central Terminal.
Steve Kohn, president of C&W's Equity, Debt and Structured Finance Group, said,
"This strategically located asset is of exceptional quality. Paramount and Colony shared
the value proposition and vision of our client."
Helen Hwang, Cushman & Wakefield Executive Vice President, added, "the investment
features a bond-like income stream, along with a going-in basis well below replacement
cost."
In addition to Steve Kohn and Helen Hwang, the C&W team included Dave Karson, Mark
Ehlinger, Chris Moyer, Brian Szczapa and Sridhar Vankayala.
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