Real Estate Forum and GlobeSt Honor Five Separate Stroock Transactions Nationally for Best Deals of 2016
Leading real estate publisher recognizes Stroock deals in New York, Washington, DC and Miami, including several of the largest real estate transactions in U.S. for past year
New York, NY, April 20, 2017 – In a strong display of the recent success of Stroock’s national Real Estate Practice, Real Estate Forum has recognized five separate transactions in which the firm played a pivotal advisory role in the just-published “Best of 2016: Deals, Dealmakers, Places & Placemakers” special issue.
Drawn from hundreds of submissions and covered transactions in the Forum’s national database, the winning transactions “truly had an enormous impact on the industry, their firms and their local and regional markets,” the editors noted in announcing their selections. The winners are being showcased in Real Estate Forum’s Annual Review & Forecast Issue, as well as its sibling online news site GlobeSt.com.
The Stroock deals featured were noteworthy for representing three key markets where the firm is based – New York, Washington, DC and Miami. They include several of the largest property transactions recorded in 2016. And they reflect Stroock’s representation of important constituencies across the U.S. real estate landscape – owner/developers, as well as private equity investors and key commercial lenders.
“We are thrilled that Real Estate Forum has called out five of our transactions for its selection of the best deals in the U.S. in 2016,” said Jeff Keitelman, Stroock’s co-managing partner and co-chair of the Real Estate Practice. “The matters chosen are an excellent reflection of the elite caliber of work our group is handling nationally for clients, in financing, developing and selling major real estate assets. They also comprise a good snapshot of how broad-based our practice is and the types of projects on which we advise – from trophy office towers and mixed-use developments to industrial parks and multifamily residences.”
A summary of Stroock’s transactions contributing to Real Estate Forum’s “Best of 2016” include:
- One of the largest real estate transactions in New York City: Stroock represented the owners of 10 Hudson Yards (a joint venture between affiliates of The Related Companies, Oxford Properties Group Inc., an undisclosed sovereign wealth fund, and a domestic pension investor) in its $2.15 billion equity recapitalization. 10 Hudson Yards is the new 1.7 million square-foot destination development on Manhattan’s west side. The Stroock deal team included Steven Moskowitz , Jeffrey Uffner and Steven Rabitz.
- One of the largest real estate transactions in the U.S.: Stroock represented a fund advised by JPMorgan, as a joint venture partner with AXA Financial, in the sale of 1285 Avenue of the Americas, a 42-story, 1.7 million square-foot office building located in Rockefeller Center. Designed by Skidmore, Owings & Merrill, 1285 Avenue of the Americas, a pinnacle example of international modernist office design, was for many years known as the Equitable Building and remains a prime location for many of New York’s leading financial and professional service tenants. The Stroock team included Steven Horowitz, Brian Diamond and Elizabeth Akerman.
- The redevelopment of the former Washington Post site: Stroock represented Carr Properties in the $525 million syndicated construction loan for the redevelopment of the former Washington Post site in the center of the nation’s capital. Stroock also represented Carr in the acquisition of land from the Washington Post company, as well as the neighboring building known as Columbia Center. The project included a large demolition effort of the existing Washington Post buildings as well as ongoing construction of two 14-story mixed-use buildings with Fannie Mae as the anchor tenant. The Stroock team included Jeffrey Keitelman, Steven Moskowitz, Marc Hurel, Mayer Greenberg, Joseph Miller, E. Gail Suchman, Kelly Booker, Mitchell Snow and Deborah Bernstein.
- The largest New York City multifamily transaction of 2016: Stroock advised leading private equity investor the Blackstone Group as land use and government relations counsel in the $620 million purchase of Kips Bay Court, an eight-building, 894-unit rental complex. The Stroock team included Ross Moskowitz and John Egnatios-Beene.
- The second largest industrial real estate sale in South Florida: Stroock is representing JPMorgan in the acquisition and creation of a newly developed industrial park in a prime location adjacent to the main airport in the Miami-Dade County area. This transaction has required creative solutions to complex legal challenges due to the existence of various stakeholders and unique environmental aspects such as pipeline easements and the airport’s rights. The Stroock team included Brian Diamond, Ira Teicher, Nicholas Richard and Sam Rezvani.