JLL Capital Markets experts arranged a $181 million loan to finance the redevelopment of West End Campus, a portfolio of two buildings totaling 484,774 s/f and a parcel of land containing 105,575 s/f of development rights.
JLL worked on behalf of Taconic Investment Partners LLC and Nuveen Real Estate to place the floating rate-acquisition/bridge loan with LoanCore Capital.
The 484,774 s/f West End Campus encompasses the entire blockfront along West End Avenue from West 65th Street to West 66th Street, with the 2.3-acre lot covering two-thirds of the entire city block westward towards Riverside Boulevard.
The campus includes the 380,190 s/f 125 West End Avenue, the 104,584 s/f 20 West 66th Street, along with an additional 105,575 s/f of development rights on Lot 61, the parcel adjacent to 125 West End Avenue and 320 West 66th Street.
The seven-story 125 West End Avenue was originally developed in 1929 as an automotive facility for Chrysler.
The building features oversized windows, 13 to 15.9 ft. ceiling heights, floor load capacity more than double the weight that can be found in typical buildings, and large open floor plates ranging from 37,000 to 50,000 s/f.
The five-story 320 West 66th Street was built in 1985 for studio use and includes ceiling heights starting at 11 ft. and ranging to more 30 ft. on the third floor, which has a column-free 22,000 s/f floor plate that is configured as two distinct television studio spaces.
The property also features multiple roof setbacks, freight elevators, multiple vehicular access points, as well as multiple loading docks servicing the site from the basement to the third floor, offering tenants direct loading.
The JV purchased the properties for $23o million from Silverste Properties. It acquired them as part of its $1.15 billion purchase of Disney’s Upper West Side campus last year. Disney, the ABC parent company, is creating a new corporate campus in Hudson Square.
JLL’s Evan Pariser, Senior Managing Director; Geoff Goldstein, Senior Director; Jackie Ferrer, Senior Associate; and Sophie Cohen, Analyst, led the debt placement assignment.
“This is the first time in nearly 40 years that a redevelopment opportunity has been available at the West End Campus,” Pariser said.
“Much of this space was constructed to specifications far exceeding typical standards. It has been occupied by ABC / Disney for office and studio production purposes since the early 1980s.”