CBRE’s New York Institutional Group, which specializes in the sale of investment properties in the New York City suburban market, posted a company record year, completing $1.6 billion in deals in 2013.
Headed by Jeffrey Dunne, the team was responsible for arranging the acquisitions and dispositions of office, retail, industrial and multifamily properties in markets.
Deals by Dunne’s team included representation of 333 Ludlow Street L.P., a joint venture of Lubert-Adler Partners, Archon Group L.P. and Brickman in the $152 million sale of Stamford Harbor Park, the 430,428-square-foot waterfront office building at Harbor Point in Stamford’s South End.
Also in Stamford, the team acted on behalf of the joint venture of Building & Land Technology and Lubert-Adler Real Estate Funds in the sale of 101 Park for $135 million to an entity controlled by Capri Capital Partners. The sale marks the third Harbor Point transaction completed by the team in 2013, for a total transaction value of more than $385 million.
“Our clients count on us not only to handle the disposition of their properties, but also to advise them on market trends and how to best prepare an asset for sale,” Dunne said. “Because we are well-versed in the capital markets and client objectives, we are well equipped to advise them on what product to sell and when to launch.
“2013 was a strong year for us and metro New York in general, with retail, apartment and industrial properties leading the way,” he said. “The office sector still has some ground to gain, but the capital is there for the right asset.”