|By PR Newswire||
|February 12, 2014 10:45 AM EST||
NEW YORK, Feb. 12, 2014 /PRNewswire/ -- LargaVista Companies, a second generation real estate development, management and investment firm, and Related Companies, a prominent privately owned real estate firm, today announced that they have formed a joint venture partnership for the development of 300 Lafayette in SoHo. The site contains the block front on East Houston Street, bounded by Lafayette and Crosby Streets in Manhattan, and will be transformed into a seven-story, dynamic mixed-use retail and office tower. The site is located, at the gateway to the booming SoHo retail market, where Class "A" office space is scarce yet highly in demand.
The proposed development of 300 Lafayette Street, designed by COOKFOX Architects, consists of a distinctive 83,000-sq.ft. retail and boutique office building featuring floor-to-ceiling glazing set in terra-cotta and limestone frames with abundant outdoor space on several landscaped terraces. The environmentally friendly design incorporates a number of sustainable features.
"LargaVista has assembled some of the finest talent in the industry while planning this project," said Marcello Porcelli, President of LargaVista. "By joining forces with Related, we are introducing an exceptionally strong financial partner with proven expertise in delivering world-class properties like 300 Lafayette. This project will benefit tremendously from Related's wealth of experience in building and leasing some of the most complex projects and demanding designs in major markets throughout the globe."
"We are pleased to be partnering with LargaVista to bring this exciting project to market, and we share their vision for the development of 300 Lafayette," said Jeff T. Blau, CEO of Related. "COOKFOX has designed an architecturally stunning building that will offer magnificent retail and office space for companies that want to be a part of the continuing evolution of this historic and vibrant neighborhood."
The CBRE team of Mary Ann Tighe, CEO of the New York Tri-State Region, and Tom Duke, vice president, served as real estate consultant to LargaVista at 300 Lafayette. Gregory Tosko, vice chairman, and Lauren Crowley, vice president, joined the CBRE team advising LargaVista on this transaction. "It is deeply gratifying to have worked so closely with LargaVista on a development that will have such a profound impact on the SoHo market," said Mr. Duke.
LargaVista, which got its start in 1973 developing gasoline stations, currently owns over 50 properties, comprising over 2.5 million developable square feet, throughout the five boroughs of New York City and beyond. An expert in managing environmental remediation and brownfields development, LargaVista has completed a number of successful developments throughout the region. Just to the east of 300 Lafayette, LargaVista developed One Avenue B, a 40,000-sq.ft. mixed-use condominium at the intersection of East Houston Street and Avenue B in Manhattan's East Village.
"We are proud of our history of developing properties that provide meaningful contributions to their neighborhoods," Mr. Porcelli said. "We believe that working with Related Companies at 300 Lafayette will only enhance our ability to create the finest building possible for this site."
About LargaVista Companies:
LargaVista Companies is a privately held real estate development, management and investment firm based in New York City. LargaVista specializes in the development of environmentally impacted properties, redeploying these assets for higher and better uses. LargaVista is an expert in managing the environmental remediation of properties and brownfield issues throughout New York. LargaVista engages in a wide variety of transactions, including build-to-suit commercial projects, larger scale mixed-use urban development, and equity investments in luxury resort properties. http://www.largavista.com
About Related Companies:
Related Companies is the most prominent privately owned real estate firm in the United States. Formed over 40 years ago, Related is a fully integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Abu Dhabi, Sao Paulo and Shanghai and boasts a team of approximately 2,000 professionals. The Company's existing portfolio of real estate assets, valued at over $15 billion, is made up of best-in-class mixed-use, residential, retail, office and affordable properties in premier high-barrier-to-entry markets. Related has developed preeminent mixed-use projects such as Time Warner Center in New York and CityPlace in West Palm Beach and is currently developing the 26-acre Hudson Yards project on Manhattan's west side. Related also manages approximately $3 billion of equity capital on behalf of sovereign wealth funds, public pension plans, multi-managers, endowments, Taft Hartley plans and family offices.
About COOKFOX Architects:
COOKFOX Architects LLP is an award-winning architectural firm focused on exploring sustainability and integrated, high-performance design. The firm works on projects of all scales and building types, exclusively taking on projects that explore creative responses to environmental, historic and social sustainability issues. The firm's own office was the first project in New York to be certified as LEED Platinum by the US Green Building Council (USGBC) – the Council's highest rating – while the 2.2 million sq. ft. Bank of America Tower at One Bryant Park is the world's first LEED Platinum high-rise building.
About CBRE Group, Inc.:
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE 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. Please visit our website at www.cbre.com.
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