Hodges Ward Elliott Takes on The Big Apple
- Aug 18, 2015
By Veronica Grecu, Associate Editor
After closing on more than $1.5 billion in hotel transactions in New York City this year, Hodges Ward Elliott (HWE) is now officially part of the New York City commercial real estate scene.
The hospitality giant recently opened its first commercial investment sales practice at 1140 Avenue of the Americas, between West 44th and West 45th streets in Manhattan. The new office is targeting retail, office, multi-family properties, and vacant land transactions, according to a prepared statement by Mark Elliott, HWE’s president & partner.
HWE’s new practice on the Avenue of the Americas is headed by Managing Director Will Silverman, who joined HWE from Savills Studley New York, where he closed approximately $6 billion of sales transactions comprising nearly 18 million square feet. Notable transactions brokered by Silverman include twice selling the office portion of 100-104 Fifth Avenue, the record-breaking sale of 111 Kent Avenue in Brooklyn and the sale of the retail at 465 Broadway three times in four years.
“We are seeing office buildings, apartment towers and retail stores add hospitality-like amenities and services with a focus on the brand and user experience. Hodges Ward Elliott’s expansion is a timely move as the foreign investors they are known to attract draw less distinction between hotels and other asset classes, making the investor base more transferable,” Silverman said in a prepared statement.
HWE moved into the new office on August 10, according to the Commercial Observer. The company signed a 10-year lease for 10,000 square feet of space—or the entire 19th floor—of the 20-story building, which lists among its existing tenants Trilogy Global Advisors and Field Street Capital. Savills Studley’s Greg Taubin represented HWE in the transaction, while landlord Equity Office was represented in –house by Zachary Freeman and JLL’s Douglas Neye.