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News release

NEW YORK, NY

Plaza District Office Slated for Development into Trophy Asset

JLL secures $40.4 million in acquisition and pre-development financing for 106 West 56th Street.


NEW YORK, March 1, 2016 – JLL’s Capital Markets experts today announced the firm has secured $40.4 million in acquisition and pre-development financing on behalf of a joint venture between New York-based real estate private equity and asset management firm Savanna and Atom Assets, a Hong Kong-based family office real estate investment platform for 106 W. 56th Street. The site will be developed into a trophy quality, 26-story, Class A boutique office building. Singapore-based United Overseas Bank, Ltd, provided the loan.
 
Managing Director Kelly Gaines and Vice President Aaron Niedermayer led the JLL team on the transaction.
 
“This financing will allow Savanna and Atom Assets to develop a state-of-the-art trophy quality, 90,000-square-foot Class A office asset in a prime Midtown location just blocks from ‘billionaire’s row,’” said Gaines.
 
“With Central Park views on the upper floors, outdoor terraces, high-end office finishes and luxury amenities, 106 W. 56th Street will cater to the types of tenants who seek boutique, trophy office space in Midtown including hedge funds, family offices and high-net-worth individuals,” added Niedermayer.
 
The West Fifties neighborhood of Manhattan is home to numerous well-known companies, hotels, performing art centers, and museums including Central Park, Columbus Circle, Rockefeller Center, Fifth Avenue retail, the Plaza Hotel, Carnegie Hall and Radio City Music Hall. In addition, the neighborhood has seen an influx of ultra-luxury residential development such as One57, 111 West 57th, Nordstrom Tower and 220 Central Park South.
 
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
 
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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 $5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $56.4 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.