NEW YORK, May 22, 2019 /PRNewswire/ -- GFP Real Estate (GFP/ GFPRE) has closed on the purchase of 675 Avenue of the Americas, located in New York, NY as of Friday, May 17, 2019.
675 Avenue of the Americas is a 311,000 square-foot, mixed-use Class A office and retail property in the Flatiron District. The property is home to WW's (Weight Watchers) headquarters as well as Nielsen, Michael's Stores, Trader Joe's and Harmon Stores.
Originally constructed in 1901 to house the department store of Adams Dry Goods, the historic 675 AOA spans an entire city block and features expansive 50,000 SF open floor plates, high exposed ceilings, and oversized, operable windows. With a four-perimeter exposure and a skylight covered central atrium that soars 123 feet, the Property boasts ample bright light throughout its tenant space. Complementing its historic design is the recent addition of modern amenities, including a tenant rooftop amenity as well as a modernization of high-speed elevators, mechanical systems and new HVAC system.
The transaction was led GFP's Chairman, Jeffrey Gural, Co-CEO's Eric Gural and Brian Steinwurtzel and the Firm's Head of Acquisitions, Tom Ortinau.
Newmark Knight Frank arranged the financing for the purchase provided by Signature Bank. The Newmark Knight Frank team was led by Dustin Stolly and Jordan Roeschlaub, Vice Chairmen and Co-Heads of Debt & Structured Finance, along with Nick Scribani, Chris Kramer and Paul Talbot.
"675 Avenue of the Americas represents a unique combination of historical significance and modernized features, and hosts an impressive roster of tenants, which aligns itself well with many other assets in our portfolio. We are extremely excited about this new acquisition and look forward to welcoming tenants such as Weight Watchers, Neilsen and Trader Joe's into the GFP portfolio," said Co-CEO Brian Steinwurtzel.
"We are pleased to lease the majority of the vacant space to Guidepoint prior to closing and bring them into the ownership group. With abundant natural light, a premier location, and expansive floor plates, the property is a great addition to our portfolio. We feel 675 Avenue of the Americas is well-positioned to be a market-leader in the near- and long-term," said Co-CEO Eric Gural.
GFP Real Estate leased 50,000 square feet to Guidepoint, a rapidly growing technology platform company that connects clients with vetted subject matter experts- Advisors- from their global professional network. Guidepoint will be moving their headquarters from 730 Third Avenue to 675 Avenue of the Americas. Along with signing a 13-year lease, Guidepoint took a strategic ownership interest in the acquisition.
Albert Sebag, the founder and CEO of Guidepoint has been working with GFP for several years to not only find premiere space for his growing firm but also to purchase an ownership stake in a property alongside a reputable owner and operator such as GFPRE.
"Albert has been a great partner with exceptional vision, business acumen, and patience in our search for the perfect opportunity for his leading advisory firm. GFP Real Estate is proud to partner with local businesses like Guidepoint to fulfill their real estate challenges," said Mr. Ortinau.
"675 Avenue of the Americas presented a perfect fit for Guidepoint as a trophy property in a hot neighborhood with not only enough space for our immediate needs but also the opportunity to expand over time and recruit top talent for Guidepoint's growing business. GFP Real Estate is one of the premier, leading owners and operators in New York City and having a relationship with them was the ideal opportunity," said Guidepoint CEO, Albert Sebag.
GFP's plans for the property to be a long-term hold for their growing portfolio. The firm has been extremely active over the last 4 years, committing to 10 acquisitions comprising more than 2.7 million square feet and $1.3 billion. These projects have expanded the Gural family's core portfolio of Manhattan office properties while extending the firm's holdings into office, student housing, industrial, retail and life science sectors.
GFP Real Estate is a vertically integrated owner, operator, property manager and developer of commercial real estate in the New York Tri-State Region. The combined GFP portfolio of both owned and managed properties totals 72 buildings and approximately 16 million square feet, cementing the firm's reputation as one of New York City's premiere real estate owners and operators. GFP's portfolio includes some of the City's most iconic real estate assets, including the Flatiron Building (175 Fifth Avenue), The Film Center Building (630 Ninth Avenue), 515 Madison Avenue, 1560 Broadway and 40 Worth Street.
Guidepoint is a rapidly growing technology platform company that connects clients with vetted subject matter experts- Advisors- from their global professional network. Guidepoint clients leverage the insights and perspectives shared by Advisors to stay informed and make better business decisions.
SOURCE Guidepoint; GFP Real Estate