This article was originally published on CityBizList.
Cresa’s Tsai, Sullivan & Danick arrange lease for real estate private equity fund.
The Cresa advisory team of Thomas Sullivan, principal, David Danick, senior vice president, and Elisa Tsai has arranged the first Manhattan office for New Land Capital, LLC at One Grand Central Place, aka 60 East 42nd Street. The real estate private equity fund, which has leased a 4,500-square-foot office on the 21st floor of the building, is dedicated to maintaining and enlarging a stable financial bridge between China and the United States. Currently headquartered in Flushing, Queens, New Land Capital also maintains a fully staffed satellite office in Beijing.
“An increased demand for foreign investment opportunities among Chinese investors has resulted in New Land Capital’s need for larger and more centrally located offices,” points out Ms. Tsai. “Relocating the firm from its Flushing headquarters to one of the city’s critical centers of commerce is an excellent choice.”
In addition to real estate private equity funds, New Land Capital specializes in stock claims and mezzanine financing. It leverages the strong real estate market in the United States with the ongoing demand for foreign investment opportunities among Chinese investors.
Adds Mr. Sullivan, “One Grand Central Place is a state-of-the-art property with the advantages of smart building technology and unparalleled access to transportation. Overall, it was a seamless transaction thanks to a progressive landlord and an excellent leasing team.”
Representing the Landlord were Julie M. Christiano and Leslie Nadel of ESRT, along with Jamie Jacobs, William G. Cohen, and Brittany Silver of Newmark Knight Frank. The lease term is seven years and the asking rent was $63 per-square-foot.