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From left: 860 Washington Street, Meadow Partners Managing Partner Jeff Kaplan and Calpers CEO Marcie Frost (Photos via Meadow Partners; Calpers; CNY Group)
In one of the few major office acquisitions to close in Manhattan since the start of the pandemic, Meadow Partners and California Public Employees’ Retirement System last month picked up the ground lease at 860 Washington Street in the Meatpacking District for $232 million.
Romanoff Equities and Property Group Partners completed the boutique building in 2016. Shortly before the ground lease sale, Romanoff bought out Property Group in a sale-leaseback deal valuing the land at the $80 million.
Meadow Partners and CalPERS financed their acquisition with a $116 million loan from JPMorgan Chase, which has been included in a CMBS transaction named BMARK 2021-B23. Loan documents provide an inside look at the property’s finances and a rent roll including prominent tech tenants like Alibaba and Tesla.
450 West 31st Street, New York, NY 10001 Phone: 212-260-1332
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