McDermott Represents RFR Holding and SIGNA in Acquisition of Iconic Chrysler Building in New York

Overview


McDermott Will & Emery represented a joint venture between RFR Holding LLC and SIGNA Holding GmbH in their acquisition of the iconic New York landmark Chrysler Building and an adjacent retail property located at 145-155 East 42nd Street. SIGNA and RFR entered into a joint venture to acquire the asset from Abu Dhabi Investment Council and Tishman Speyer. The transaction, which closed April 5, 2019, involved a bid process conducted on behalf of the sellers and the negotiation of a Purchase Agreement with a 30-day closing. McDermott also handled the acquisition financing provided by an affiliate of Mack Real Estate Credit Strategies.

New York-based RFR Holding, founded by Aby Rosen and Michael Fuchs, and SIGNA, one of Europe’s most active real estate investors, are longstanding McDermott clients.

“It is a huge asset for us that we are able to work seamlessly with our colleagues in Europe,” said Keith Pattiz, head of the Firm’s Real Estate Group. “This gives us the ability to move with the speed the transaction required and that our clients demand.”

“RFR Holding and SIGNA are industry leaders on either side of the Atlantic, and we are proud to have partnered with both of them on such a significant transaction,” added Jens Ortmanns, who leads the Firm’s European Real Estate Group. “We were able to draw on our deep real estate bench and cross-border capabilities to support the businesses of two important Firm clients.”

The McDermott team was led by Pattiz and Elias Eliopoulos with Ortmanns and Dustin Schwerdtfeger taking the lead for SIGNA.

Additional information is available in the company’s press release.

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