The joint administrators for Rock Joint Ventures Limited (in administration), Peter Spratt, Laurie Manson and Bruce Cartwright of PricewaterhouseCoopers, acting as shareholders in the two companies in the Rock Group that own property in New York, have appointed Studley as their brokers.
Studley will be responsible for marketing two office buildings in prime Manhattan locations. The properties, which are classic art deco Midtown South assets, are:
- 183 Madison Avenue, a 250,000-square-foot, 70% occupied office building on
the southeast corner of 34th Street; and
- 100-104-Fifth Avenue, a 270,000-square-foot, 80% occupied office
condominium between 15th and 16th Streets, one block from Union Square.
Barry Gilbertson, specialist real estate partner at PricewaterhouseCoopers LLP commented:
“We have seen tremendous interest in both properties, during the first year of the administration, while we have been focused on stabilizing the assets. We have been improving the buildings and enhancing value with new leases often at rental terms above market. Such is the potential of the locations for the intimate apparel industries historically located in the Madison Avenue building, and the advertising, media and hedge fund companies in the Fifth Avenue building.”
"Running a property company, in administration, in any country is a challenge. With Rock, we have been running a property company in New York, where the market is fundamentally different to London in many respects. However, one characteristic similar to both cities is a very strong investor desire to buy good quality assets, with huge potential, at the right price, and just as the real estate market is ready to place one eager foot after another on the road to recovery.”
Woody Heller and Will Silverman of Studley's Capital Transactions Group are leading the Studley team. Heller added, "The properties are exactly what the market is clamoring for --value-add investment opportunities at prime locations. As they transition from administrator control to investor ownership, these buildings are positioned to capture the value associated with today's rebounding leasing market.
Studley is the only global tenant advisory firm with a pure tenant representation delivery platform. Founded in 1954, Studley pioneered this conflict-free business model. Today, with 19 offices nationwide and an international presence through its London office and AOS Studley throughout Europe, Studley provides strategic real estate consulting services to top-tier corporations, law firms, nonprofits, government agencies and institutions of higher education. Information about Studley is available at www.studley.com.