Talmage Named Special Servicer for $900 million W.R. Grace Building CMBS
loan in New York City
NEW YORK -- June 16, 2014
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
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.
Edward L. Shugrue III, +212-209-1380
Chief Executive Officer
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