JLL Capital Markets arranged the off-market $72 million sale and $53.25 million acquisition financing of 830 Third Ave., a Class A office building at the corner of 51st Street and Third Avenue in Manhattan’s Midtown East neighborhood.
JLL marketed the property on behalf of the seller, AEW Capital Management. JLL also worked on behalf of the borrower, a joint venture of Empire Capital Holdings and Namdar Realty Group, to secure the financing through Truist.
Originally built in 1958 and fully renovated in 1994, the 13-story boutique building was once home to the Girl Scouts of America headquarters. Its unique blue-green glass windows stand out on a block surrounded by retail, cultural amenities and dining options in a submarket experiencing a resurgence. 830 Third Ave. is currently 62% occupied, including 3,799 square feet of retail leased to Republic Bank.
Since acquiring the 147,068-square-foot property in 2001, AEW has invested in an upgraded lobby and elevator cabs, 24/7 attended lobby, storage space and a bike room. The building has MERV-13 air-filters designed to meet air filtration efficiency in common areas and efficient, functional floor plans from 8,200 to 12,300 square feet suited to smaller tenants seeking full-floor occupancy. The top three floors are connected by an internal staircase, with a private outdoor terrace located on the 12th floor.
The JLL Capital Markets Investment Sales team representing the seller included Senior Managing Directors Andrew Scandalios and David Giancola, Managing Director Vickram Jambu and Vice President Jennifer Zelko.
The JLL Capital Markets Debt Advisory team working on behalf of the borrower included Senior Managing Directors Aaron Niedermayer and Max Herzog, Senior Director Marko Kazanjian, Director Robert Tonnessen, Vice President Jackie Ferrer and Analyst Joy Dracos.
