NEW YORK CITY— Meridian Capital Group LLC and Eastdil Secured have arranged $700 million in CMBS financing for the purchase of the leasehold position in New York City’s Mobil Building. The property is located at 150 E. 42nd St. The financing was arranged on behalf of a partnership that includes David Werner and Mark Karasick.
Morgan Stanley Mortgage Capital Holdings LLC provided the 10-year, fixed-rate, full-term interest-only CMBS loan. The financing allowed the borrower group to acquire the leasehold interest in the Mobil Building from Hiro Real Estate LLC, which acquired the leasehold in 1987. In conjunction with the acquisition, the Goelet family, who holds the fee position, extended the lease to run for 99 years.
The Mobil Building, a recognized jewel in the Manhattan skyline, is a 42-story, 1.8 million-square-foot Class A office tower. Harrison & Abramovitz designed the building, which was constructed in the 1950s. The property features a stainless steel façade. Tenants include the New York headquarters of Wells Fargo & Co. and the Mount Sinai Health System. ??
Founded in 1991, Meridian Capital Group LLC is a commercial real estate finance and advisory firm. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California.
Eastdil Secured, a subsidiary of Wells Fargo Bank, is an investment property sales, debt placement and commercial mortgage sales firm. The company is also engaged in raising debt and equity in the public markets and raising private equity and entity recapitalizations through its broker dealer affiliate, Wells Fargo Securities.
— Danielle Everson