NEW YORK CITY— Deutsche Finance America; BLG Capital, a division of the Turkish conglomerate Bilgili Group; and developer Michael Shvo have acquired the 100,000 square feet of vacant office space at 685 Fifth Ave. for $135 million.
Yigit Burak Ozkan, an associate at BLG, tells GlobeSt.com that the seller is GGP, the Chicago-headquartered, publicly-traded REIT that invests in shopping centers. Brookfield Property Partners is acquiring GGP for $9.25 billion. He says the recent sale is for the entire building except the retail area, which will be retained by GGP.
BLG states that a joint venture of institutional investors led by the Deutche Finance Group subsidiary and BLG raised $155 million of equity for the acquisition and development and will seek $100 million of debt financing to fully capitalize the project.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
