1245 Broadway is a newly constructed Class A+ boutique office
building in NoMad, New York.
NEW
YORK, March 10, 2023 /PRNewswire/ -- Newmark
Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading
full-service commercial real estate business, announces Corem AB
and GDS Development LLC (GDSNY) have closed a $90 million loan on their trophy office tower at
1245 Broadway with German bank Deutsche Pfandbriefbank AG (pbb),
one of Europe's leading real
estate financing institutions. Newmark's Debt & Structured
Finance team secured the loan on behalf of ownership. The
low-leverage take-out facility will include financing current and
future tenant fit-outs for the 200,000-square-foot tower in
NoMad.
"We are delighted to be partnering with a lending institution
with pbb's stellar reputation for the financing at 1245 Broadway,"
said Alan Rudikoff, co-founder of
GDSNY. "This property is well-positioned to capitalize on the
'flight-to-quality' seen in the office sector."
1245 Broadway is an award-winning 23-story Class-A office
building at the corner of 31st Street and Broadway in NoMAD, one of
New York City's most dynamic
neighborhoods. Designed by Skidmore,
Owings & Merrill and developed by GDSNY, the building features
architectural cast-in-place concrete, large triple-glazed windows,
a private club, food and beverage catering to tenant floors and
panoramic views of the city. The building has received LEED-Gold
certification and offers the latest touchless technology and air
quality.
The financing qualifies as pbb's first Green Loan in
the United States, having launched
the product in this region at the start of the year. With Green
Loans, pbb finances for its customers the purchase or
recapitalization of commercial properties that meet strict
environmental criteria and investments in the sustainability of
existing properties. For this purpose, the bank has developed a
proprietary scoring model that considers ten criteria in the three
categories "energy efficiency," building certification" and "other
sustainability factors." 1245 Broadway scored high in all
categories.
"1245 Broadway has quickly gained a reputation as one of
Manhattan's environmentally
sustainable trophy office buildings, and our organization is
pleased to be playing a role in its continued success," commented
Andrew Fleming of pbb.
The financing for the asset was secured by Newmark's Co-Heads of
Debt & Structured Finance Jordan
Roeschlaub and Dustin Stolly,
along with Nick Scribani.
"Class A+ institutionally-owned office product, irrespective of
the current capital markets environment, continues to attract
backing from world-class capital like pbb," said Stolly. "We're
looking forward to seeing this new partnership succeed by bringing
ownership's vision of the newly constructed property into
fruition."
Due to its iconic design and careful positioning, 1245 Broadway
has already become known as Manhattan's premier film, media, technology
and creative arts headquarters. Notable tenants include A24 Films
(currently nominated for 17 Oscars in 2023), the TV production
company 101 Studios (owner of the Yellowstone franchise),
international gaming designers Avalanche Studios, global digital
advertising firm GumGum and Wonderview Studios, a film and TV
production company.
About GDSNY
GDS Development (GDSNY) is an
award-winning full service, vertically integrated owner, operator,
developer, lender and designer of multi-family and commercial real
estate in the New York
metropolitan area. Founded in 2007 by architect Michael Kirchmann and Alan Rudikoff, GDSNY has delivered in excess of
$4.5 billion in real estate assets
throughout New York City.
www.GDSNY.com
About Deutsche Pfandbriefbank
Deutsche Pfandbriefbank is a leading specialist bank for
investments in commercial real estate and public infrastructure
projects in Europe and the
USA. It is one of the largest
issuers of Pfandbriefe, also making it an important issuer of
covered bonds in Europe. Deutsche
Pfandbriefbank AG is listed on the Frankfurt Stock Exchange.
In addition to Germany and
USA, the main business focus is on
Great Britain, France, Spain, the Nordic countries and countries in
Central and Eastern Europe. In
these core markets, pbb offers its customers a strong local
presence with expert knowledge across the whole spectrum of the
financing process. As a result of its competencies in loan
structuring, its cross-border approach and co-operation with
lending partners, pbb is able to complete both complex funding and
transactions involving a number of countries.
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. Newmark generated revenues of approximately
$2.7 billion for the year ending
December 31, 2022. Newmark's
company-owned offices, together with its business partners, operate
from approximately 180 offices with nearly 6,700 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 effects of the COVID-19 pandemic
on 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.
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