Olshan Represents 601W Companies in Sale of 909 Third Avenue
The Real Deal reported that Olshan client 601W Companies recently sold 909 Third Avenue for $192.5 million to an entity led by Colonnade Management. This was seen as a major victory for 601W as they acquired the land in 2004 for $50.1 million. The building, with its net lease to Vornado Realty Trust, is a 32-story office tower, which serves as the United States Postal Service’s main handling facility. Since 1999, the building has undergone more than $184 million in capital improvements. The Olshan team was tasked with not only representing seller 601W, but also coordinating with the new lender, JPMorgan, and facilitating Colonnade Management’s financing to ensure the closing of debt. Real estate partner Eric Goldberg, real estate counsel Amy Lu, and paralegal Vanessa Rodriguez represented 601W in these matters.