Carlo Bellini’s 99c has expanded its footprint across New York City with the acquisition of a 1.2-million-square-foot office tower in Manhattan’s Financial District. The company forked over $297 million to buy 180 Maiden Lane from a joint venture between Clarion Partners and MHP Real Estate.
The deal was mediated by Eastdil Secured’s Gary Phillips and Will Silverman.
The 41-story property — which changed hands following a court-ordered short sale — 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.
The new owners then obtained $372 million in refinancing from ING Capital in 2020, directing $175 million toward renovations, which included upgrading the building’s façade, tenant buildouts and rooftop deck.
However, despite securing some large leases in 2018 with the likes of National Debt Relief for 95,000 square feet and the New York Liquidation Bureau for 43,000 square feet, the owners found themselves unable to service the loan by the start of 2024.
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.
Located on the East River waterfront, 180 Maiden Lane has a 68% occupancy rate. The tenant roster includes debt education nonprofit City Year, event marketing platform Splash, insurer Cover Whale and financial services firm Royal Funding Group.
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.
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