Taconic Investment Partners and Silverstein Properties have completed a $200 million recapitalization of 619 West 54th Street on the West Side of Manhattan.
Under the terms of the deal, Silverstein acquired a majority stake in the ten-story tower, which is also called the MovieLab Building. Taconic, meanwhile, will handle leasing and property management in the building. Since taking possession of the property in 2012, Taconic has completed $14 million in renovations and 75,000 s/f in leases in the tower.
“Taconic and Silverstein worked to create a mutually beneficial outcome for both parties,” said Paul Pariser, the co-CEO of Taconic. “We are thrilled to have Silverstein Properties as our partner in the next phase of this incredible asset which is located in an exciting and rapidly growing neighborhood.”
“The building’s terrific tenants and prime location in the heart of the thriving West Side attracted us to this opportunity,” added Marty Burger, the CEO of Silverstein Properties. “With the area’s continued growth and the building’s large floorplates and strategic positioning, this investment offers great potential for long-term growth.”
M&T Bank provided $120 million in financing for the 10-story, 333,000 s/f Art Deco commercial tower.
Dan Myers of Kassin Sabbagh Realty represented Taconic as broker in the recapitalization. Meanwhile, Evan Pariser of HFF represented the new partnership in its financing deal.