Valley Stream, NY (April 30, 2007) – Sutton Land Title Agency, a division of Sutton Alliance, has successfully underwritten the majority share of the recent $500 million acquisition of the fee and ground lease of Two Herald Square in Manhattan by SL Green Realty and 1328 Broadway Owners LLC, a Sitt Asset Management Company, from 1328 Broadway LLC. The transaction closed April 9, 2007.
The 360,000 sq. ft., 12- story office and retail property, also known as the Marbridge Building and 1328 Broadway, sits on the northeast corner of 34th Street and Broadway and has five varied uses, each with its own separate lobby. It houses retailers H&M, Victoria’s Secret, ad agency Publicis, a branch of Mercy College, and a group of original shoe showroom tenants.
“Sutton Land Title Agency is proud to have represented the interests of our customer in this landmark property sale,” said Scott Spinner, President, General Counsel of Sutton Alliance. “Few companies have the opportunity to service a transaction of this magnitude, and it is always gratifying to be chosen as a facilitator and service provider to efficiently and effectively close the deal.”
This real estate transaction represents one of several major commercial properties Sutton Land Title Agency has closed this year. Other properties include the $300 million acquisition of 6 Times Square, the $47 million acquisition of 250 Clinton and 507 Plum Street in Syracuse, New York -- and a multi-site transaction involving a portfolio comprised of seven different properties located in Upstate New York, Pennsylvania and Ohio, which was purchased for $86 million.
About Sutton Alliance
Sutton Alliance is a premier national provider of real estate transactional services for over 20 years. Our offerings range from commercial and residential title insurance to 1031 exchange facilitation, and also include a full suite of lender services. Member companies include Sutton Land Title Agency, Progressive Closing & Escrow, and Sutton 1031 Exchange Services. Sutton Alliance maintains offices in New York, New Jersey and Florida. More information about the Sutton Alliance group of companies can be found at www.suttonalliance.com.
Contact: Susan Iadarola, 516.837.6114, siadarola@suttonalliance.com |
