Dealmaker: New York Life Real Estate Investors Originates $76M
New York Life Real Estate Investors, New York, originated $75.5 million for office assets in Jersey City, N.J. and Houston.
Representing New York Life Insurance Co., New York Life Real Estate Investors lent $31 million on 15 Exchange Place, an 11-story office building on the Hudson River in Jersey City, N.J. An affiliate of Hartz Mountain Industries Inc. owns the 135,000-square-foot office building.
The property’s location on the Jersey City waterfront, proximity to multiple forms of mass transit, floorplates and views of Manhattan made it appealing collateral, said Keith Duane, Director in New York Life Real Estate Investors’ Northeast Regional Office.
NYLREI also originated a $44.5 million bridge loan on behalf of New York Life Insurance Co. for Spear Street Capital, which acquired 274,900-square-foot office property 515 Post Oak in Houston’s Galleria area near Interstates 610 and 69.
New York Life Real Estate Investors Structured Lending Group Director Ryan Doyle called 515 Post Oak an attractive lease-up opportunity within one of the city’s most dynamic office submarkets.
In Atlanta, NYLREI purchased a 433,000-square-foot Atlanta office building on behalf of a joint venture between New York Life Insurance Co. and Ilmarinen Mutual Pension Insurance Co., Helsinki, Finland.
The 19-story Class A office building, Prominence in Buckhead, delivered in 1999 at the intersection of Piedmont and Lenox Roads in Atlanta’s Buckhead district. The purchase represented the eighth asset acquired since the joint venture formed in June 2017.
Tom Delaney, Senior Director of Asset Management in NYLREI’s Atlanta office, said the venture plans a “substantial” upgrade to the lobby, amenities and common areas to modernize the property. “Completion of surrounding mixed-use developments with over 20,000 square feet of retail, 319 luxury apartment units and a 164-key Element Hotel by Westin will serve to further enhance this asset in the years to come,” he said.
