General Growth Properties Announces Acquisition of The Crown Building
April 21 2015 - 4:02PM
Business Wire
General Growth Properties, Inc. (NYSE: GGP) announced today the
acquisition of The Crown Building located at 730 5th Avenue in New
York City.
The Crown Building is a 26-story retail and office property
located on the southwest corner of 57th Street and 5th Avenue in
the Plaza District in midtown Manhattan. The acquisition price was
$1.775 billion and was partially funded with $1.25 billion of
secured debt.
GGP and Jeff Sutton will own, redevelop, lease and manage the
retail portion of the property. The retail is currently occupied by
tenants such as Bulgari, Piaget, and Mikimoto and is comprised of
approximately 100,000 square feet.
Vladislav Doronin’s Capital Group and Michael Shvo will own,
redevelop, lease and manage the office tower from floors four
through 26 and comprised of approximately 290,000 square feet. The
office tower will be redeveloped into luxury residential
condominiums.
About GGP
General Growth Properties, Inc. is an S&P 500 company
focused exclusively on owning, managing, leasing, and redeveloping
high-quality retail properties throughout the United States. GGP is
headquartered in Chicago, Illinois, and publicly traded on the NYSE
under the symbol GGP.
About Jeff Sutton
Over the past 25 years, Jeff has amassed over 120 properties in
prime locations throughout New York City. Jeff's most notable
acquisitions include his purchase of 724 Fifth Avenue, 720 Fifth
Avenue, 717 Fifth Avenue, 650 Fifth Avenue, 609 Fifth Avenue and
509 Fifth Avenue.
About Capital Group
Capital Group was founded by businessman Vladislav Doronin and
is an international commercial real estate company based in Moscow
that brings 22 years of experience in development. Capital Group
has a portfolio of 71 properties totaling more than 70 million
square feet, which does not yet include the Group’s projects in
Miami. Capital Group implements high-end residential projects as
well as commercial real estate, offices (class A) and retail parks
with a specific area of focus being mixed-use developments by
integrating these into a single building or a group of
buildings.
About Shvo
SHVO develops unique luxury projects around the world including
residential, hospitality, and mixed use properties. Founded by
President and CEO, Michael Shvo, the company brings an atelier-like
experience to real estate for over a decade. The company is
currently engaged in $3.5 billion of development projects
continuing a design-focus expertise. Collaborations include
architects such as Renzo Piano, Peter Marino and Rafael Vinoly.
Forward-Looking Statements
Certain statements made in this press release may be deemed
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Although the Company
believes the expectations reflected in any forward-looking
statement are based on reasonable assumption, it can give no
assurance that its expectations will be attained, and it is
possible that actual results may differ materially from those
indicated by these forward-looking statements due to a variety of
risks, uncertainties and other factors. Such factors include, but
are not limited to, the Company’s ability to refinance, extend,
restructure or repay near and intermediate term debt, its
indebtedness, its ability to raise capital through equity
issuances, asset sales or the incurrence of new debt, retail and
credit market conditions, impairments, its liquidity demands, and
economic conditions. The Company discusses these and other risks
and uncertainties in its annual and quarterly periodic reports
filed with the Securities and Exchange Commission. The Company may
update that discussion in its periodic reports, but otherwise takes
no duty or obligation to update or revise these forward-looking
statements, whether as a result of new information, future
developments, or otherwise.
General Growth PropertiesKevin
Berrykevin.berry@ggp.com(312) 960-5529orJeff SuttonMiriam
Mansonmm@jeffsutton.com(212) 573-6464orCapital GroupLuke
ChauveauLchauveau@bellpottinger.com+44 7970 054
560orShvoWhitney Arcarowarcaro@shvo.com(212) 380-2105
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