Madison Avenue Transaction Caps Flurry of New York Real Estate Transactions Handled by Haynes and Boone
NEW YORK – The recent $285 million sale of the 660 Madison Avenue office tower – reportedly the largest single-asset transaction completed in the U.S. during 2010 – topped a period of heavy activity for Haynes and Boone New York real estate attorneys.
Firm lawyers also handled the largest Manhattan lease negotiated to completion in 2010, and the second largest office building sale by gross price completed during the fourth quarter.
“These transactions are indicative of the high caliber work being performed by the attorneys we’ve brought on board in the last year or so,” said New York office Managing Partner Kenneth Bezozo. “Quite simply, Haynes and Boone has become a major player in the New York and East Coast real estate markets by virtue of these attorneys and the extraordinary clients they represent.”
In the latest transaction, New York Of Counsel Ralph Arpajian represented Milan-based real estate firm Risanamento SpA in its sale of the 660 Madison Avenue tower. On a per-square-foot basis, the transaction closed at $1,122, the highest for a U.S. office building in 2010, according to Real Capital Analytics Inc., a New York- based research firm that tracks commercial property sales. The deal is the latest example of international demand amid a rebound in values for centrally located Manhattan real estate.
On the leasing front, New York Partner Stuart Mass and Of Counsel Russ Rabinovich recently advised Brookfield Properties Corporation in its negotiations with Société Générale, which will move its U.S. headquarters into 444,000 sq. ft. in Brookfield’s 245 Park Avenue building in Midtown Manhattan. It was the largest Manhattan lease negotiated to completion in 2010.
Partners Stuart Mass and Kenneth Friedman and Of Counsel Noah Shapiro recently represented SL Green Realty Corp. in the REIT’s planned 24-story development at 180 Broadway, for retail space and Pace University student dormitory housing.
Finally, New York partners Lawrence Mittman and Carolyn E. Sullivan advised a joint venture of Normandy Real Estate Partners and Five Mile Capital Partners in the sale of Boston’s landmark John Hancock Tower for about $930 million in cash and debt. The iconic 62-story John Hancock Tower has 1.7 million rentable square feet and is located in the heart of Boston's Back Bay neighborhood. In the fourth quarter of 2010, the gross price of the transaction was second only to the New York Google Office purchase. The deal closed Dec. 30.
The high-profile real estate activity for Haynes and Boone New York extends to its planned move to 30 Rockefeller Center in February. After moving from one subleased office to another since coming to New York seven years ago to accommodate rapid expansion, the firm is putting down more permanent roots in roomier quarters. The firm has signed a 15-year lease for 74,600 square feet, the entire 25th and 26th floors at the 70-story “30 Rock.” That will more than double the 35,000 square feet it currently occupies in the McGraw-Hill Building at 1221 Avenue of the Americas.
The firm’s New York office, which has grown to 50 lawyers from one just a few years ago, temporarily will sublease 10,000-12,000 square feet but expects to fill both floors within five years. By then, it anticipates having 100 New York-based lawyers.
Haynes and Boone, LLP is an international corporate law firm with offices in Texas, New York, California, Washington, D.C., Mexico City and Moscow, providing a full spectrum of legal services. With more than 550 attorneys, Haynes and Boone is ranked among the largest law firms in the nation by The National Law Journal. The firm has been named one of the "Best Corporate Law Firms in America" (Corporate Board Member Magazine, 2001-2009) and recognized as a “Top 20 Law Firm” for culture and for diversity with respect to both women and minorities (Vault, 2011).