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

NEW YORK (September 7, 2007)óThelen'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 Private Equity and Venture Capital partner E. Ann Gill. New York Real Estate counsel Dick Kane and partner Larry Brownridge, along with Business partner...

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