Eastdil was the exclusive broker for the seller and $500 million in financing was secured through Greenwich Capital.
The site is more than 90% occupied with a mix of tenants in the publishing, advertising and telecom industries including such heavyweights as advertising giant Deutsch Inc., DoubleClick, MCI and Sprint. Approximately 75% of the leases expire after 2010. In late July of 2003, Deutsch and DoubleClick, a provider of marketing tools for advertisers, direct marketers and web publishers, both signed new leases totaling more than 200,000 sf. Financial details of the deals were not released, however space in the building ranges from $25 to $32 per sf.
Originally developed as the headquarters of the Port Authority, Taconic acquired 111 Eighth in January 1998 as part of a portfolio of assets. Taconic subsequently completed a major renovation of the site.
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