CB Richard Ellis Arranges $34 Million Sale of 145 East 57th Street (Hammacher Schlemmer Building)
New York – June 10, 2010 – CB Richard Ellis Group (CBRE) has announced the successful disposition of the commercial property located at 145 East 57th Street. This boutique retail and office property, known as the Hammacher Schlemmer Building, was acquired by a Brazilian real estate developer for $34 million. Hammacher Schlemmer's iconic flagship, constructed for the retailer in 1926, was sold by Jenel Management Corporation, citing robust demand as motivation for selling.
Darcy Stacom and Paul Gillen of CBRE's Investment Properties Group, along with Robert Garrish of CBRE'S Private Client Group, represented Jenel Management in the transaction. The entire 62,500-square-foot building is net-leased by the Hammacher Schlemmer catalogue company. That lease will expire later in the year, along with the remaining office subleases.
"With a price per square foot of approximately $550, the sale of 145 East 57th Street underscores the continued value of midtown Manhattan commercial real estate for investors around the world," said CBRE's Mr. Garrish.
You can find this and other CBRE New York Tri-State Region Communications and Research information at
www.cbre.com/nytristatemediamagnet.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2009 revenue). The Company has approximately 29,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 "best in class" company for three years in a row. Please visit our Web site at www.cbre.com.
