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News release

NEW YORK, NY

JLL Structures Ground Lease for Olmstead Properties at 363 Lafayette Street

CBSK Ironstate secures leasehold of 32,000 square foot development site


NEW YORK, August 25, 2015 — JLL has successfully structured the creation of a 49-year ground lease at 363 Lafayette Street for fee owner Olmstead Properties and the new leaseholder, CBSK Ironstate. The vacant, 5,500-square-foot parcel, located between Bond Street and Great Jones Street, can accommodate a development of nearly 32,000 buildable square feet.

Olmstead Properties was exclusively represented by Richard Baxter, vice chairman, and Stephen Shapiro, executive vice president, at JLL.

“This block-long parcel, located in the heart of NoHo, is one of the last prime development sites in Manhattan’s most cutting-edge neighborhood,” said Baxter. “The ground lease structure was the most advantageous given the long-term investment horizon of Olmstead.”

With more than 200 feet of frontage on Lafayette Street, a new property will benefit from outstanding visibility and legal addresses on Lafayette, Bond and Great Jones streets.

“Surrounded by luxurious, brand-new residential properties, boutique retailers and the city’s finest restaurants, the development at 363 Lafayette Street offers tremendous potential by tapping into the city’s most highly sought-after submarket,” said Shapiro. “CBSK Ironstate’s success in NoHo ensures that they will develop a special asset consistent with the vibrant character of the community.”

The ground lease, which is valued at more than $150 million to Olmstead, runs for 49 years with extension options. The principals of CBSK Ironstate include Abe Shnay, Scott Shnay, Charles Blaichman, Greg Russo and The Barry Family, all of whom have been active throughout the city and in NoHo. CBSK Ironstate plans on developing a commercial building at the site to be financed by Wells Fargo.

JLL is a leader in the New York tri-state commercial real estate market, with more than 2,000 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2014, the New York tri-state team completed approximately 22.8 million square feet of lease transactions, arranged investment sales transactions valued at more than $5.4 billion, managed projects valued at $7.6 billion, and oversaw a property management, facilities management and agency leasing portfolio exceeding 163 million square feet.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $56.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.