World Wide Plaza
World Wide Plaza
Location: New York, NYProperty Type: Office/Retail
Size: 1,900,000 square feet
Investment Type: JV Equity
Investment Size: $50,000,000
Date of Investment: July 2009
RCG Longview made a $50,000,000 equity investment along with another operator and another real estate fund, in an iconic Class-A office building in Midtown Manhattan, at a significant discount to replacement value. The property was acquired from the lender, which had foreclosed on the previous owner after having taken a several hundred million dollar write-down on its pre-existing mortgage loan. At the time of acquisition, the office space was 42% vacant.
Consistent with our business plan at acquisition to lease up the vacant space, in the second quarter of 2011, Nomura Holding America Inc., the U.S. subsidiary of Tokyo-based Nomura Holdings, Inc. leased over 900,000 square feet of space at site for its North American headquarters, bringing the property to near 100% occupancy.
