Tribeca Associates identified this office tower as an underutilized asset in an ideal location and proactively approached the foreign family who owned the property for over 30 years. After a long courting process, the team was able to structure a transaction that allowed the family to achieve its financial objectives by creating a long term leasehold interest in the asset. The 85-year leasehold interest was acquired by Tribeca Associates and an institutional partner.
Built in 1918, the 30-story, 210,000 sq. ft. office building was historically known as Bush Tower and was one of the first office buildings in Manhattan. Tribeca Associates recognized the property’s proximity to major transportation hubs, Times Square and the dramatic Bryant Park, which made it an attractive location and building for boutique sized office tenants seeking a full-floor identity in a submarket that traditionally caters to large corporations.
The acquisition strategy is to re-introduce the building as “130 West 42nd Street at Bryant Park”, upon completion of a comprehensive renovation of both public and tenant areas, including modernizing the lobby, elevators and designing and building pre-built units to capitalize on the buildings unique attributes. To help ensure that the property is operated as a first class office building, CBRE has been retained to provide management and Tribeca Associates will serve as both the developer to oversee the renovation and as asset manager.