The seller is 1515 Broadway Associates, LP, whose general partner is an Equitable Life Assurance affiliate.
The REIT will buy the asset, which is currently 98% leased, in joint venture with SITQ Immobilier, but Green will be the majority owner, holding a 55% stake in the asset.
The deal is being structured as a prepackaged bankruptcy, which, according to published reports, allows the seller to strip away liabilities that apparently remain since Equitable's early-1990s bankruptcy.
Lehman Brothers and Bear Stearns have kicked in $335 million of financing, and the rest is being covered by unsecured credit and from the proceeds of the joint venture interest sale to SITQ. The transaction was arranged by Goldman, Sachs & Co. Equitable was advised by Lend Lease Real Estate Investments, Inc.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
