|By PR Newswire||
|October 16, 2012 06:17 PM EDT||
GREENWICH, Conn., Oct. 16, 2012 /PRNewswire/ -- Starwood Property Trust (NYSE: STWD) and Starwood Capital Group (on behalf of Starwood Distressed Opportunity Fund IX) today announced the co-origination of a $475 million first mortgage loan and mezzanine loan for the acquisition and redevelopment of a 10-story retail building located at 701 Seventh Avenue in Midtown Manhattan. The building is situated on the northeast corner of the famed Times Square bow tie, one of the world's busiest shopping stretches with an estimated 500,000 visitors per day. The loan will have an initial funding of $375 million with $100 million of future funding for redevelopment costs and also contains an equity participation right for the lender. The primary sponsor is The Witkoff Group, a fully integrated real estate investment firm.
"This transaction is a prime example of our unique ability to provide and structure large, highly specialized loans on an expedited timetable that meets the needs of the borrowers while also completing our disciplined underwriting requirements" said Barry Sternlicht, Chief Executive Officer of Starwood Property Trust. "Our experienced team of professionals positioned us to provide a financing solution for The Witkoff Group and its equity partners while enabling Starwood Property Trust to meet or exceed our return targets."
The Witkoff Group, together with New Valley LLC, a subsidiary of Vector Group Ltd. (NYSE:VGR) and a subsidiary of Winthrop Realty Trust (NYSE:FUR), acquired the property from a non-institutional owner who successfully reassembled the site through a series of complex and lengthy negotiations with the property's existing tenants. Witkoff will implement a comprehensive redevelopment plan over the next 30 months which includes the demolition of the building's interior and its conversion into a new retail space with the bottom three quarters of the property dedicated to retail and the top one quarter dedicated to a food and beverage establishment.
"Our team worked side by side with The Witkoff Group and its partners to provide a flexible financing solution that enabled them to quickly move forward with the transaction," said Marcos Alvarado, Senior Vice President at Starwood Capital Group. "Times Square is an iconic destination and we are excited to facilitate a transaction that will allow the redevelopment of a marquee property in the area."
With 145,000 square feet of additional air rights, the redevelopment includes plans for ideal showroom retail space that may be occupied by one or more retailers and a platform to be built on top of the retail component capable of supporting a 31 story hotel tower and a new 120 foot tall, 22,000 square foot LED sign, which will be two times the size of all comparable new signs in the area and will provide substantial income to the property.
Manhattan's Times Square submarket is recognized as one of the most popular tourist destinations in the world and is home to some of the largest and most well-known global brands. A report issued by Cushman & Wakefield in late 2011 highlighted the Times Square bow tie region, running from West 42nd up to West 47th streets between Broadway and Seventh Avenue, as having the second highest asking rents in Manhattan, with an average asking rent of $2,100 per square foot.
About Starwood Property Trust, Inc.
Starwood Property Trust, Inc. is focused on originating, investing in, financing and managing commercial mortgage loans and other commercial real estate debt investments, commercial mortgage-backed securities ("CMBS"), and other commercial real estate-related debt investments. Starwood Property Trust, Inc. also invests in residential mortgage-backed securities ("RMBS") and residential real estate owned, and may invest in non-performing loans, commercial properties subject to net leases and residential mortgage loans. The Company is externally managed and advised by SPT Management, LLC, an affiliate of Starwood Capital Group, and has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes.
About Starwood Capital Group
Starwood Capital Group is a private, U.S.-based investment firm with a core focus on global real estate. Since the group's inception in 1991, the firm has raised nearly $16 billion of equity capital and, through its various funds, has invested $13 billion representing nearly $35 billion in assets. Starwood Capital Group currently has over $21 billion of assets under management. Starwood Capital Group maintains offices in Greenwich, Atlanta, San Francisco, Washington, D.C., Los Angeles and Chicago, and affiliated offices in London, Luxembourg, Paris, Mumbai and Sao Paulo. Starwood Capital Group has invested in nearly every class of real estate on a global basis, including office, retail, residential, senior housing, golf, hotels, resorts and industrial assets. Starwood Capital Group and its affiliates have successfully executed an investment strategy that includes building enterprises around core real estate portfolios in both the private and public markets. Additional information about Starwood Capital can be found at www.starwoodcapital.com.
About the The Witkoff Group
The Witkoff Group is a fully integrated real estate investment firm that owns a diverse portfolio of real estate in select U. S. markets. The company specializes in identifying and acquiring undervalued properties in key central business district locations as well as assets with strong repositioning potential in newly emerging markets. These strategies have guided the company's acquisition and management activities.
Email: [email protected]
Jason Chudoba, ICR on behalf of Starwood Property Trust
Email: [email protected]
SOURCE Starwood Property Trust, Inc.
In his session at @ThingsExpo, Steve Wilkes, CTO and founder of Striim, will delve into four enterprise-scale, business-critical case studies where streaming analytics serves as the key to enabling real-time data integration and right-time insights in hybrid cloud, IoT, and fog computing environments. As part of this discussion, he will also present a demo based on its partnership with Fujitsu, highlighting their technologies in a healthcare IoT use-case. The demo showcases the tracking of patie...
Feb. 27, 2017 04:45 PM EST Reads: 1,422
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
Feb. 27, 2017 04:45 PM EST Reads: 1,757
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Feb. 27, 2017 03:30 PM EST Reads: 2,277
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed ...
Feb. 27, 2017 03:30 PM EST Reads: 485
Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said "No to LUNs." With Tintri they manage only virtual machines, in a fraction of the footprint and at far lower cost than conventional storage. Tintri offers the choice of all-flash or hybrid-flash platform, converged or stand-alone structure and any hypervisor. Rather than obsess with storage, leaders focus on the business app...
Feb. 27, 2017 03:15 PM EST Reads: 244
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Feb. 27, 2017 02:45 PM EST Reads: 2,596
SYS-CON Events announced today that Cloud Academy will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud computing technologies. Ge...
Feb. 27, 2017 02:30 PM EST Reads: 1,931
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Feb. 27, 2017 02:30 PM EST Reads: 2,305
"A lot of the enterprises that have been using our systems for many years are reaching out to the cloud - the public cloud, the private cloud and hybrid," stated Reuven Harrison, CTO and Co-Founder of Tufin, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Feb. 27, 2017 02:00 PM EST Reads: 4,209
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Feb. 27, 2017 01:45 PM EST Reads: 1,759
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Feb. 27, 2017 01:45 PM EST Reads: 2,516
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Feb. 27, 2017 01:30 PM EST Reads: 2,051
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
Feb. 27, 2017 01:15 PM EST Reads: 3,246
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
Feb. 27, 2017 01:15 PM EST Reads: 6,709
Column Technologies exhibited at SYS-CON's @DevOpsSummit at Cloud Expo, which took place at the Javits Center in New York City, NY, in June 2016. Established in 1998, Column Technologies is a global technology solutions provider with over 400 employees, headquartered in the United States with offices in Canada, India, and the United Kingdom. Column Technologies provides “Best of Breed” technology solutions that automate the key DevOps principals and help our customers meet today’s DevOps and Dig...
Feb. 27, 2017 01:00 PM EST Reads: 1,382