PRESS RELEASE: GLL Real Estate Partners Purchases Net Leased Corporate Garage in Lower Manhattan

NEW YORK - GLL Real Estate Partners (GLL) announced it has closed on the purchase of Two River Terrace, a 369-space corporate parking facility at 300 Murray Street within lower Manhattan’s Battery Park City North neighborhood. 

The 66,928 square foot parking facility is 100% leased to investment grade credit, Goldman Sachs.  The parking facility was completed in 2008 as part of a condominium development project. It is located one block west of Goldman Sachs’ new 2.1 million s.f. global headquarters.

The Battery Park City North neighborhood has fewer than 1,100 parking spaces despite there being 5.6 million square feet of office space and 3,000 residential homes in the immediate vicinity.  The 92-acre Battery Park City master planned waterfront community is completely built out.

Christian Goebel, Executive Vice President of GLL commented on the transaction: “The parking garage represents a rare opportunity to add an additional asset class to our existing portfolio. We are very proud to have acquired this great real estate with excellent credit."

Jones Lang LaSalle’s Executive Managing Directors Richard Baxter, Jon Caplan, Ron Cohen and Scott Latham represented the seller.

About GLL Real Estate Partners

GLL Real Estate Partners GmbH (GLL) is a Munich based real estate fund management group with $7 Billion under management. Formed in 2000 as a joint venture between Lend Lease Corporation and Italian insurance giant Assicurazioni Generali, GLL is now majority owned by its management team.  GLL currently manages 15 funds employing varying property strategies and investing throughout Western Europe, Central Eastern Europe, South America and the United States. From offices in Munich, Luxembourg, Budapest, Santiago de Chile, Mexico City, Orlando, New York and San Francisco, GLL serves an investor group that includes pension funds, insurance companies and sovereign entities.

TAGS: Investment