The office tower at 245 Park Ave. commanded $2.21B in 2017, marking the largest NYC office deal of the year.
Commercial real estate investment firm Northstar Commercial Partners recently announced the opening of its new office in Midtown Manhattan at 245 Park Ave. The Denver-based company chose this new office location because of its excellent access to major investment firms and potential partners in the area. According to the firm’s news release, its East Coast operations will house investment professionals “dedicated to forging institutional equity and debt relationships with banks, foundations, investment firms, family offices, and endowments throughout the world.”
Founder and CEO Brian Watson stated “opening an office in New York is a natural extension for our firm’s growth and execution. First, it is the financial center of the United States and a number of our investors already operate in the city. Secondly, there are a significant amount of institutional equity and debt players who have a focus on real estate with offices nearby, and the 245 Park Avenue building is in the heart of such activity.”
ParkSkyway Business Park, 12000 North 132nd Avenue, Surprise, AZ was acquired by Northstar in 2015 as part of a $224.3 million portfolio, which encompassed 24 properties
NCP has been quite active on the U.S. market. Earlier this month, the company sold a 17,394-square-foot retail building located on a 2.5-acre lot in Surprise, Ariz., for $2.6 million. An adjacent industrial property – the 418,000-square-foot ParkSkyway Business Park – fetched NCP upwards of $24 million in February.
Back in June, NCP forked over $27.4 million for a Class A office building in Sugar Land, Texas, one of Houston’s most affluent and fastest-growing suburbs. Two Sugar Creek Center at 77 Sugar Creek Center Boulevard encompasses 143,410 square feet of office space spread over 6 stories and is located on more than 6 acres of land. Watson explained at the time how the acquisition was very much in line with the company’s investment strategy: “Fast-growing communities have been a key to Northstar’s success, especially as it relates to our prior office acquisitions. I’m especially excited about our new Sugar Creek property because we have the ability to continue growing in Texas. I love the idea that Northstar will be able to facilitate job growth and opportunity in the Houston market.”
Two Sugar Creek Center, 77 Sugar Creek Center Blvd, Sugar Land, TX
The firm specializes in buying vacant, distressed, value-add, and income-generating assets, helps stabilize properties and creates jobs and opportunities throughout the country.
During its 19 years in existence, NCP has closed more than 140 deals, the majority of debt and equity for these projects coming from institutional investors. The firm currently has 46 retail, office, industrial, warehouse, medical, senior care, data centers, and daycare facilities in 15 states under its investment, development, and management. NCP’s portfolio is valued at over $1.3 billion.
Property images courtesy of Yardi Matrix.
