Macklowe Jr. Makes First Acquisition
- Jan 14, 2011
January 14, 2010
By Allison Landa, News Editor
In a joint venture with ING Clarion Partners, the William Macklowe Co. has acquired 636 Avenue of the Americas. The six-story office building was purchased for $45.2 million.
This marks the first acquisition for Macklowe since the firm was founded a little more than four months ago. He officially parted ways with his father, well-known real estate developer William Macklowe Sr., in the summer, taking several of his father’s employees with him. Macklowe Jr. established his company headquarters on the entire 28th floor of 126 E. 56th St., where the firm will focus on acquisitions, strategic lending, real estate correlated investments and portfolio acquisitions both in and outside New York City. He kicked off the business with the refinance of two portfolio properties: the 22-story office building at 400 Madison Ave., which was refinanced for $66.5 million, and the office and retail building at 610 Broadway, which was refinanced for $43 million.
The 90,000-square-foot Avenue of the Americas building offers retail and office space, with 13,000-square-foot floor plates and 13- to 15-foot floor-to-ceiling heights. Macklowe plans major upgrades to the interior and common areas as well as the mechanical systems.
According to Macklowe, the Midtown South property has great potential and he believes the firm will add significant value through redevelopment and repositioning. It was built around 1900 and located near major office tenants including Google, which recently bought 111 Eighth Ave.
The seller, APF Properties, was represented by Darcy Stacom, Bill Shanahan and Paul Leibowitz of CB Richard Ellis’s investment properties group, along with Robert Garrish of the firm’s private client group.