Thelen Closes $350 Million Purchase Of New York's 14 Penn Plaza

Profession:Thelen Reid Brown Raysman & Steiner LLP

NEW YORK (September 7, 2007)—Thelen's Real Estate and Corporate Finance teams assisted Circle Properties in the $350 million acquisition and financing of the landmark New York office building known as "14 Penn Plaza." The purchase price for this 22-story, 558,000-square-foot commercial office building on the south end of midtown Manhattan represents approximately $625 per square foot. Thelen's client was offered the opportunity to bid on 14 Penn Plaza. Due to the highly-competitive nature of this bidding process, our client had to act quickly once their bid was accepted. In two days, Thelen helped complete due diligence and negotiate a purchase and sale agreement with the seller.With the agreement stipulating that the deal would have to be closed in less than a month, Thelen's real estate team went to work readying the closing, while our corporate lawyers went to work on the financing for the acquisition. The transaction was also structured as a Section 1031 exchange, and both forward and reverse 1031 exchange documents were readied to prepare for either eventuality. Despite these and other last-minute hurdles, the Thelen team successfully closed the deal by the August 23 deadline.The Thelen transaction team was led by New York...

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