"We were fortunate to hit the market at the right time," says John Mambrino, senior managing director of Studley, in a release. Mambrino, who represented Lukoil along with Studley managing director Nicholas Farmakis, adds that 1095 Sixth Ave. "represented the best option" out of a handful of well-located properties.
He notes that the property's location near Bryant Park and convenience to mass transit access access for Lukoil employees were strong draws. Adds Farmakis in the release, "The building itself has been impressively renovated, and the landlord is constructing Lukoil's space on the 33rd floor to its specifications." Lease terms were not disclosed; asking rents at the 1.3-million-square-foot office tower are in the high $60s per square foot.
Blackstone was represented in negotiations by the CB Richard Ellis duo of EVP Robert Stillman and first VP Zachary Freeman. Robert Nash and Keith Pollock of Schulte Roth & Zabel were the attorneys who acted on behalf of the ownership, while Daniel Weisz of Marans, Weisz & Newman provided legal counsel for Lukoil.
Formerly known as the Verizon Building, 1095 Sixth was purchased by Blackstone in February 2007 as part of its $23-billion acquisition of Equity Office Properties. It was EOP's only Manhattan asset not sold to Macklowe Properties just prior to the deal closing.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.