By a News Reporter-Staff News Editor at Real Estate Weekly News -- Talmage, LLC is pleased to announce that it has been named the Special Servicer for the $900 million, 7-year fixed rate CMBS loan secured by the W.R. Grace Building, the 1.6 million square foot New York City office tower overlooking Bryant Park and located at 1114 Avenue of the Americas. The W.R. Grace Building is securitized in the GRACE 2014-GRCE CMBS loan that closed on June 12, 2014. The joint bookrunners and co-lead managers were: Deutsche Bank Securities, BofA Merrill Lynch and J.P. Morgan.
"We are delighted to have been named the Special Servicer for the iconic Grace Building in the heart of New York City," said Edward L. Shugrue III, CEO of Talmage. He added, "It is a continuation of our special servicing strategy of working on a limited number of high-profile transactions each year."
Talmage's appointment as the Special Servicer in the W.R. Grace transaction is consistent with its practice of working on large single-asset and single-borrower transactions where its independence and investment acumen can create superior results. Similar transactions in which Talmage served as the Special Servicer include the Meristar Portfolio, owned by affiliates of the Blackstone Group, and the Tharaldson Hotel Portfolio, owned by affiliates of Goldman Sachs. Talmage additionally served as the Operating Advisor on the Equity Office Properties portfolio, owned by affiliates of the Blackstone Group.
Talmage is an active investor in, and advisor/special servicer on, large and complex commercial real estate transactions. Since 2003, Talmage has made in excess of $10 billion of commercial real estate fixed income investments and acted as the special servicer and/or advisor on over $40 billion of loan restructurings and modifications. Talmage is independently owned and offers conflict-free advice to its institutional clients. Talmage is headquartered in New York City.
Keywords for this news article include: Real Estate, Talmage LLC.
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