NEW YORK CITY—Pershing Square Capital Management has signed a long-term 67,000-square-foot lease at 787 11th Ave. The Midtown West property, which is undergoing redevelopment, is owned by The Georgetown Co.
The 15-year lease stipulates that Pershing Square and The Pershing Square Foundation will relocate their headquarters to the property from 888 Seventh Ave. in late 2017. Mary Ann Tighe and Evan Haskell of CBRE are leading the leasing effort for the renovated property. Pershing didn't have representation for the transaction.
Georgetown also recently secured a nearly $350 million construction loan from Blackstone Real Estate Debt Strategies to finance the project, replacing a $200 million acquisition loan previously provided by J.P. Morgan Investment Management.
Directly across the street from Dewitt Clinton Park and just one block away from Hudson River Park, the building is located in the rapidly transforming Far West Side. Pershing Square joins Ogilvy & Mather, Prada USA, Kenneth Cole, Coach, Related and other companies with headquarters in the neighborhood.
“Hell's Kitchen is a great live, work, play community with wonderful restaurants, services, transportation options and entertainment,” says Adam Flatto, CEO of Georgetown. “This is a neighborhood that will continue to grow and we're pleased to welcome Pershing Square to the building.”
Affiliates of the Ackman family partnered with Georgetown on the 787 11th Avenue project. Other partners include Main Street Advisors, which has invested with Georgetown in multiple projects in New York, Los Angeles and Ohio.
The 15-year lease stipulates that Pershing Square and The Pershing Square Foundation will relocate their headquarters to the property from 888 Seventh Ave. in late 2017.
Georgetown also recently secured a nearly $350 million construction loan from Blackstone Real Estate Debt Strategies to finance the project, replacing a $200 million acquisition loan previously provided by J.P. Morgan Investment Management.
Directly across the street from Dewitt Clinton Park and just one block away from Hudson River Park, the building is located in the rapidly transforming Far West Side. Pershing Square joins Ogilvy & Mather, Prada USA, Kenneth Cole, Coach, Related and other companies with headquarters in the neighborhood.
“Hell's Kitchen is a great live, work, play community with wonderful restaurants, services, transportation options and entertainment,” says Adam Flatto, CEO of Georgetown. “This is a neighborhood that will continue to grow and we're pleased to welcome Pershing Square to the building.”
Affiliates of the Ackman family partnered with Georgetown on the 787 11th Avenue project. Other partners include Main Street Advisors, which has invested with Georgetown in multiple projects in
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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.
