HARBOR GROUP INTERNATIONAL PURCHASES 4 NEW YORK PLAZA IN NEW YORK, NEW YORK
NORFOLK, Virginia – January 11, 2010, Harbor Group International, LLC (“HGI”) announced today that an affiliate of the Company has acquired the 25-story, 1.1 million square foot 4 New York Plaza in New York, New York. JPMorgan Chase has leased back a substantial part of the building and will be the primary tenant.
“4 New York Plaza is a superbly located asset and a great addition to our existing office portfolio,” said Jordan E. Slone, Chairman and CEO of Harbor Group International. “We are encouraged by the positive signs suggesting that the New York City market has reached a point at which a real estate recovery led by tenant leasing demand can begin. We will be able to deliver strong lease terms to potential tenants who seek large 48,000-50,000 square foot floor plates in an attractive Wall Street location.”
4 NY is a 25 story (22 above grade and 3 below) institutional quality office building located in the downtown submarket of New York City. Built in 1968, the building consists of 1,084,528 rentable square feet situated on 1.2 acres. The building features floor plates of between 48,000 and 50,000 square feet and a cafeteria with a 650 person seating capacity. The property is currently 74% leased by JPMorgan Chase. JPMorgan Chase has made substantial recent capital improvements to building infrastructure, security, technology and tenant improvements. The building is located at the southeast corner of Water Street and Broad Street, near major New York attractions including the ferry to the Statue of Liberty and Ellis Island, the South Street Seaport, the New York Stock Exchange and other downtown landmarks.
“The transaction represents an opportunity to acquire an institutional quality asset in New York City at a significant discount to replacement cost,” said T. Richard Litton, Jr., President of HGI. “HGI will benefit from the significant potential upside of leasing over 280,000 square feet of currently vacant space, including approximately 7,000 square feet of prime street level retail space.”
Harbor Group International, LLC is a private real estate investment and management firm which controls a portfolio of worldwide assets valued in excess of $2.6 billion. HGI is headquartered in Norfolk, Virginia with offices in New York, Chicago, London, Toronto and Tel Aviv. The Company’s real estate holdings include over 9.6 million square feet of commercial space and more than 14,000 apartment units. For additional information, please visit www.harborgroupint.com.
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