NEW
YORK, Nov. 17, 2022 /PRNewswire/ -- Newmark
announces that the firm has arranged a $150
million loan for financing 295 Fifth Avenue on behalf of
Tribeca Investment Group, Meadow Partners and PGIM Real Estate. 295
Fifth Avenue is a soon-to-be-completed 19-story,
710,000-square-foot, fully renovated trophy office tower located in
the heart of the burgeoning Midtown
South submarket in Manhattan. The Newmark team was led by
Dustin Stolly and Jordan Roeschlaub, Vice Chairmen and Co-Heads of
the Debt & Structured Finance team, along with Senior Managing
Directors Christopher
Kramer and Nick
Scribani, Director Ben
Kroll and Finance Analyst Holden Witkoff. Deutsche Pfandbriefbank provided
the loan.
"Being able to secure financing for this type of product during
this uncertain time speaks to the quality of the collective
ownership of the property," said Stolly. Roeschlaub added, "Since
the pandemic, we've seen office users flocking to quality assets to
attract and retain their talent. The recent top-of-the-line
modernization at 295 Fifth Avenue will make it a destination
property for the city's office tenants."
Sponsorship is near completion of a comprehensive renovation
effort which includes a new double-height lobby, conversion to
full-floor open-floor plates and a penthouse addition featuring
floor-to-ceiling windows looking out over Midtown South Manhattan
in addition to a complete overhaul of properties windows, HVACs and
elevators. The capital project also transformed the retail
storefronts and added significant outdoor space, terraces, and a
new amenity center to the property.
The property is uniquely positioned to capitalize on the
post-Covid "flight to quality" seen across the city, especially
given its location in the heart of Midtown
South, one of New York's
hottest office leasing submarkets. Highly amenitized, Class A
buildings in this submarket—especially the Park Avenue South Square
Park corridor, where the property is located—have attracted a
cluster of firms led by a strong mix of Fortune 500 financial
services companies, media and entertainment and tech firms. These
firms benefit from the area's combination of live/work/play
amenities and tremendous accessibility with Penn Station, Grand
Central Station, the Port Authority Bus Station and the Path Train
all within walking distance.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its
subsidiaries ("Newmark"), is a world leader in commercial real
estate, seamlessly powering every phase of the property life cycle.
Newmark's comprehensive suite of services and products is uniquely
tailored to each client, from owners to occupiers, investors to
founders, and startups to blue-chip companies. Combining the
platform's global reach with market intelligence in both
established and emerging property markets, Newmark provides
superior service to clients across the industry
spectrum. Newmark generated revenues of approximately
$3.1 billion for the twelve months
ending September 30, 2022. Newmark's
company-owned offices, together with its business partners, operate
from approximately 180 offices with nearly 6,700 professionals
around the world. To learn more, visit nmrk.com or
follow @newmark.
Discussion of Forward-Looking
Statements about Newmark
Statements in this document regarding Newmark that are not
historical facts are "forward-looking statements" that involve
risks and uncertainties, which could cause actual results to differ
from those contained in the forward-looking statements. These
include statements about the effects of the COVID-19 pandemic on
the Company's business, results, financial position, liquidity and
outlook, which may constitute forward-looking statements and are
subject to the risk that the actual impact may differ, possibly
materially, from what is currently expected. Except as required by
law, Newmark undertakes no obligation to update any forward-looking
statements. For a discussion of additional risks and uncertainties,
which could cause actual results to differ from those contained in
the forward-looking statements, see Newmark's Securities and
Exchange Commission filings, including, but not limited to, the
risk factors and Special Note on Forward-Looking Information set
forth in these filings and any updates to such risk factors and
Special Note on Forward-Looking Information contained in subsequent
reports on Form 10-K, Form 10-Q or Form 8-K.
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SOURCE Newmark Group, Inc.