NEW YORK CITY—Clarion Partners has acquired 180 Maiden Lane in a joint venture with MHP Real Estate Services. A reliable source of industry data reports that the purchase price was $470 million, or $394 per square foot. Clarion declined to confirm that information.
The building reportedly was sold by SL Green and the Moinian Group. The sellers and Clarion representatives could not be reached by press time.
MHP will handle property and project management, including the $28 million lobby and amenities renovation program. The leasing of the approximately 800,000 square feet of available space will be overseen by a joint venture between MHP and Cushman & Wakefield, with the latter firm's team being led by Tara Stacom, vice chairman of commercial brokerage.
Cushman did not respond to a request for comment from GlobeSt.com by press time. The building was formerly occupied by Goldman Sachs.
A 41-story, Class A office building in the Financial District, 180 Maiden Lane spans 1.2 million square feet and is within walking distance to Wall Street, the New York Stock Exchange and the Fulton Street Transit Center. An extensive capital improvement program to upgrade the building's 25,000-square-foot public plaza, lobby and various tenant amenities—including the 250-seat cafeteria, fitness center and 150-seat conference facility—will begin immediately.
“We're very pleased to add 180 Maiden Lane to our New York office portfolio,” says Steve Latimer, managing director, Clarion Partners. “This is a terrific property ideally located in a submarket that is experiencing tremendous growth.”
Adds MHP founding partner Norman Sturner, “We are pleased to return to the Downtown office building market, the 'new' New York, with this purchase of a quality, modern, very well located Class A asset with our partner Clarion Partners.”
“Cushman & Wakefield is honored to work with Clarion Partners and MHP Real Estate Services on leasing this unique asset,” notes Stacom, the broker who played a pivotal role in bringing Conde Nast to One World Trade Center. That lease is widely credited as the beginning of Lower Manhattan's transformation.
“Their plans to transform and upgrade the building,” she adds, “along with the vibrancy and positive leasing momentum of the Downtown market, will make for a very successful year at 180 Maiden Lane.”
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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.
