Blue Arch Capital, Lincoln Property Company, and LoanCore Capital Announce Strategic Partnership to Own and Operate Manhattan's Premier Medical Office Building

NEW YORK, Sept. 23, 2024 /PRNewswire/ -- Blue Arch Capital ("Blue Arch"), a real estate private equity firm, Lincoln Property Company ("Lincoln"), a global full-service real estate owner/operator, and LoanCore Capital ("LoanCore"), a real estate investment manager, today announced the formation of a strategic partnership for the ownership and operation of Park Sixty, a best-in-class, Class-A medical office building located at 110 East 60^th Street ("the Property").

Situated in the heart of the Plaza District at 60^th Street between Park and Lexington Avenues, Park Sixty is conveniently located near New York City's top employers, the East Side Medical Corridor, an array of high-end luxury hotels and retailers, and the affluent Upper East Side neighborhood. The block-through Property is comprised of 179,000 square feet of medical office space and 7,000 square feet of retail space. The Property recently underwent a $20 million renovation that included the installation of state-of-the-art infrastructure, a new lobby, and upgrades to all common areas.

"Park Sixty is a newly renovated Class-A medical office building in the Plaza District, offering an unmatched location, clinical environment, and patient experience," said Josh Friedman, Partner at Blue Arch. "We look forward to leveraging our collective management expertise to deliver for both tenants and patients, and to help realize the Property's full potential."

"We are excited to collaborate with Blue Arch to lease the remaining availability following a state-of-the-art, Article 28 compliant renovation and to support our existing tenants, which include some of the leading healthcare systems and practice groups," said Jared Toothman, EVP, Market Leader at Lincoln. "We will draw on best practices from our nationwide healthcare real estate services platform to inform the premier tenant experience at Park Sixty."

"We are thrilled to partner with two industry-leading operators in Blue Arch and Lincoln to reintroduce Park Sixty as a one-stop shop for a variety of healthcare providers," said Richard Small, Managing Director at LoanCore. "As home to the largest public and private healthcare systems in the U.S., New York City's world-class medical centers and reputation for innovative research and development are unparalleled. We are confident Park Sixty's prime location and high-quality space will support those efforts by delivering an exceptional medical office experience for the companies and providers delivering for patients in New York and around the world."

Eastdil Secured acted as exclusive advisor to LoanCore.

For further information on Park Sixty, please visit: www.park60medical.com

About Blue Arch Capital

Blue Arch Capital is a real estate private equity firm that acquires and operates core-plus and value-add properties in defensive asset classes throughout the United States.  Blue Arch has over $4bn in gross assets under management and operates through discretionary funds, joint ventures, and separately managed accounts with institutional investors of all sizes. For more information, visit: www.bluearchcapital.com

About Lincoln Property Company

Lincoln Property Company ("Lincoln") is one of the largest private real estate firms in the United States with $27bn in gross assets under management. Offering a fully integrated platform of real estate services and innovative solutions to owners, investors, lenders, and occupiers, Lincoln supports the entire real estate lifecycle across asset types, including office, residential, retail, industrial, healthcare, life science, data center, production studio, government, universities, and mixed-used properties, throughout the United States, United Kingdom, and Europe. Lincoln's combined management and leasing portfolio on behalf of institutional clients includes more than 557 million square feet. Lincoln has completed over 150 million square feet of commercial development since its inception in 1965 and has another $20 billion currently under construction or in the pipeline. For more information, visit: www.lpc.com.

About LoanCore Capital

LoanCore Capital, a DivCore Capital company, is a national real estate investment manager headquartered in Greenwich, Connecticut. Since 2008, LoanCore has funded in excess of $30 billion comprised of over 945 transactions. Through the combination of LoanCore Capital and DivcoWest, DivCore Capital was formed to offer attractive real estate debt and equity capital investments to its investors. Through these platforms, the firm is focused on delivering creative real estate solutions for its partners. For more information, visit: www.loancore.com

Contacts

Josh Friedman, Partner at Blue Arch, [email protected]

Jared Toothman, EVP, Market Leader at Lincoln Property Company, [email protected]

Richard Small, Managing Director at LoanCore, [email protected]

SOURCE Blue Arch Capital; Lincoln Property Company; LoanCore Capital