|
|
 |
18 January 2000
Lend Lease's Value Enhancement Fund IV acquires 44 Wall Street - Firm's Rapid Portfolio Growth Continues
NEW YORK, NY, January 18, 2000 – Lend Lease Real Estate Investments, Inc. today announced the acquisition of 44 Wall Street, a 337,000-square-foot landmark office building in the heart of New York's downtown financial district. The purchase was made on behalf of Value Enhancement Fund IV, an opportunistic investment fund managed by Lend Lease. The seller was a joint venture between CS First Boston and Ascott & Smiles Corp. The price was not disclosed.
The property was constructed in 1927 as the Bank of America Building, and is located on Wall Street, two blocks east of Broadway, in an area commanding the highest commercial rents in downtown Manhattan. It sits one block away from the New York Stock Exchange and directly across the street from the Exchange's planned new location. It is convenient to several subway lines, PATH trains to New Jersey and ferries to various locations. It is currently 65 percent leased and there are leases pending for another 15 percent.
"We were pleased to be able to make this opportunistic purchase," said David Solis-Cohen, principal and head of the Northeast region of Lend Lease Real Estate Investments. "Because demand for downtown Manhattan office space is extremely strong, this attractive and convenient building offers considerable upside potential."
Value Enhancement Fund IV (VEF IV) is the fourth in a successful series of funds begun in 1993. Launched in August 1999 and set to close funding at the end of the first quarter 2000, VEF IV boasts an impressive pipeline of opportunities and is expected to continue the Value Enhancement Fund Series tradition of exceptional investment returns.
Lend Lease Real Estate Investments, Inc. manages $31 billion in real estate and mortgages for more than 500 institutional and private clients in the U.S. The company is a subsidiary of Lend Lease Corporation Limited (ASX: LLC). In addition to real estate investments, the Lend Lease Group operates in the areas of property development, project management and construction, and financial services. Financial services activities include funds management, life insurance, and wealth protection. On a worldwide basis the Lend Lease Group operates on five continents-North and South America, Europe, Asia and Australia-currently with $56 billion in total funds under management. Lend Lease Corporation's market capitalization is approximately $6 billion.
For more information about Lend Lease Real Estate Investments please visit our website at
www.lendleaserei.com
media
|