Transaction Marks Largest Advisor-Led 2024 Office Transaction in
NYC1
NEW
YORK, Jan. 9, 2025 /PRNewswire/ -- Newmark
Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading
commercial real estate advisor and service provider to large
institutional investors, global corporations, and other owners and
occupiers, announces the firm has arranged the $360 million sale of Two Park Avenue in
Manhattan. The transaction is
the largest advisor-led, all-office property sale in New York City in 2024.
Newmark Co-Heads of US Capital Markets Adam Spies and Doug
Harmon, Executive Vice Chairmen Adam
Doneger, Marcella Fasulo and
Josh King, Executive Managing
Director Avery Silverstein and
Director Willis Robbins represented
the seller, Morgan Stanley. The buyer, Haddad Brands, plans to occupy a portion of the
one million square-foot property and lease the remainder.
"The sale of 2 Park Avenue reflects the growing trend of
occupiers transitioning to ownership as a strategic move to align
their business needs with long-term real estate goals," said Spies.
"This transaction allows Morgan Stanley to achieve a strong outcome
in today's market while enabling Haddad
Brands to secure a flagship presence in one of Manhattan's premier office towers."
The 29-story 2 Park Avenue is located at the corner of Park
Avenue and East 33rd Street, a 10-minute walk from both Grand
Central and Penn Station. The Class A art deco building features a
number of amenities, including a 27th-story penthouse lounge and
outdoor terrace, a ground-floor lobby and conference center and
bike parking. The property offers a range of floor plates that can
support a variety of occupier layouts.
Occupier-owner transactions rose 36% year-to-date as of the end
of the third quarter, according to Newmark Research, as more
companies opt to purchase properties for a discount rather than
lease.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK),
together with its subsidiaries ("Newmark"), is a world leader in
commercial real estate, seamlessly powering every phase of the
property life cycle. Newmark's comprehensive suite of services and
products is uniquely tailored to each client, from owners to
occupiers, investors to founders, and startups to blue-chip
companies. Combining the platform's global reach with market
intelligence in both established and emerging property markets,
Newmark provides superior service to clients across the industry
spectrum. For the twelve months ended September 30, 2024, Newmark generated revenues of
approximately $2.6 billion. As of
that same date, Newmark's company-owned offices, together with its
business partners, operated from nearly 170 offices with more than
7,800 professionals around the world. To learn more,
visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about
Newmark
Statements in this document regarding Newmark that
are not historical facts are "forward-looking statements" that
involve risks and uncertainties, which could cause actual results
to differ from those contained in the forward-looking statements.
These include statements about the Company's business, results,
financial position, liquidity, and outlook, which may constitute
forward-looking statements and are subject to the risk that the
actual impact may differ, possibly materially, from what is
currently expected. Except as required by law, Newmark undertakes
no obligation to update any forward-looking statements. For a
discussion of additional risks and uncertainties, which could cause
actual results to differ from those contained in the
forward-looking statements, see Newmark's Securities and Exchange
Commission filings, including, but not limited to, the risk factors
and Special Note on Forward-Looking Information set forth in these
filings and any updates to such risk factors and Special Note on
Forward-Looking Information contained in subsequent reports on Form
10-K, Form 10-Q or Form 8-K.
1 According to Newmark Research and MSCI.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/newmark-arranges-360m-sale-of-two-park-avenue-office-tower-302346431.html
SOURCE Newmark Group, Inc.
