NEW YORK CITY—Talmage has been named the special servicer for the $900 million, seven-year fixed rate CMBS loan secured by the W.R. Grace building. The iconic 1.6 million-square-foot sloped office tower—located at 1114 Ave. of the Americas and overlooking Bryant Park—is securitized in the GRACE 2014-GRCE CMBS loan, which closed on June 12th. The joint bookrunners and co-lead managers were Deutsche Bank Securities, BofA Merrill Lynch and J.P. Morgan.
“It is a continuation of our special servicing strategy of working on a limited number of high-profile transactions each year,” says Edward L. Shugrue III, CEO of Talmage. Officials at the firm did not return calls from GlobeSt.com seeking additional comment by press time. Watch this space for any updates.
Talmage's appointment as the special servicer in the W.R. Grace transaction is consistent with its practice of working on large single-asset and single-borrower transactions that enable it to maximize its independent structure and investment acumen. Similar transactions in which Talmage served as the special servicer include the Meristar Portfolio, owned by affiliates of the Blackstone Group; and the Tharaldson Hotel Portfolio, owned by affiliates of Goldman Sachs.
Additionally, Talmage served as the operating advisor on the Equity Office Properties portfolio, owned by affiliates of the Blackstone Group.
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.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
