Taconic JV Closes on 1M-SF-Plus Buy

NEW YORK CITY-Taconic Investment Partners and Square Mile Capital have closed on the acquisition of a commercial condominium interest encompassing 1.1 million sf of space at the 32-story, 1.2-million-sf office building, 375 Pearl St., from Verizon. The price was $172.5 million.

The joint venture plans an extensive redevelopment of the building into a modern, multitenant office tower. The renovations will include a new facade to open up the spectacular views, a new lobby, a new HVAC system, new bathrooms and a reconfiguration of the core to include the addition of up to six new elevators, says Ari Shalam, SVP and director of acquisitions for Taconic, in a prepared statement. Those involved in the deal were unable to reveal to GlobeSt.com how the redevelopment might change asking rents for the building, nor were they able to provide anything further at this time.

The new owners have hired a notable leasing and development team, including: CB Richard Ellis, led by Robert Alexander, Robert Stillman and Brian Gell, for leasing; Cook + Fox, as project architect; Severud Associates as structural engineer; Jaros Baum & Bolles as mechanical engineer; Tishman Interiors Corp., as general contractor; and Israel Berger & Associates Inc., as curtain wall consultant.