July 21, 2015 – Cushman & Wakefield, Inc. announced today that it served as the exclusive advisor to an affiliate of Cogswell Realty, LLC and the City Investment Fund in arranging the recapitalization of 55 West 125th Street and 215 West 125th Street, located in New York, New York. The transaction involved City Investment Fund selling its interest in the properties to Deutsche Asset & Wealth Management, which will own the assets in a joint venture with Cogswell Realty.
“Prospective joint venture equity partners respected Cogswell’s extensive history with the properties and valued their relationships with tenants after repositioning each building in the 1998-2001 time frame,” said Steve Kohn, President of Cushman & Wakefield Equity, Debt & Structured Finance. “The properties are well positioned to benefit from several retail, residential, and office projects in the near vicinity that are further transforming 125th Street,” added Christopher Moyer, Senior Director.
Situated on a thriving retail corridor and offering tremendous views of Central Park views and Midtown Manhattan, 55 & 215 West 125th Street are widely considered to be two of the top three most prestigious and desirable office buildings in Harlem. Home to a multitude of investment grade tenants, the Properties serve as the office of former President Bill Clinton, as well as numerous non-profit and federal, state and city agencies. Both Properties offer prime retail frontage on 125th Street, Harlem’s busiest and most notable office and retail corridor.
The Cushman & Wakefield Equity, Debt & Structured Finance team of Steve Kohn, Christopher Moyer and Alex Lapidus, served as exclusive advisor to Cogswell and the City Investment Fund.