"The Real Estate Board of New York has honored the City's 'Most Ingenious Deal of the Year' since 1944." Byrnam Wood's Chairman, Joseph Thanhauser III, is a 7-time Deal of the Year award winner - an unmatched and, to date, unchallenged record.
Credit Lyonnais at 1301 Avenue of the Americas
In 1990, 1301 Avenue of the Americas was in the process of a major redevelopment and modernization. French commercial bank Credit Lyonnais wanted to buy an interest in the property, lease space in it and put its name on the building, but another tenant's lease-a previous client of ours-contained elements that stood in the way. Byrnam Wood negotiated with the building's tenants and landlord to make a deal possible.
Wasserstein Perella at 1301 Avenue of the Americas
Investment bank Wasserstein Perella was being forced out of its space, and they were hoping to move to 1301 Avenue of the Americas. The building didn't have enough available space to accommodate them, but we were able to work with the landlord and other tenants to recast expansion rights and create the necessary space. The 1999 deal, which involved complex, cross-continental negotiations, won the firm its ninth award.
Development of Worldwide Plaza
The site of old Madison Square Garden had long been a lot awaiting development, but the property's owner demanded such a high price that no developer could move forward without a sufficiently large lease. A client of ours was interested in leasing enough space to drive the project, so we structured and negotiated lease terms with the developer, and coordinated the transaction between the developer and the seller. This lease ultimately led to the 1985 development of Worldwide Plaza.
Regeneration of Worldwide Plaza
By 1996, Worldwide Plaza had accumulated a large debt, and the market for office space was depressed. A client of ours had recently acquired advertising agency N. W. Ayer, a tenant in Worldwide Plaza occupying far more space than they needed at rents that doubled the market. We helped them surrender their unwanted space and reduce their rents, which in turn stabilized the other leases in the building and allowed it to be acquired by the Blackstone Group.
Purchase of 609 Fifth Avenue
Deutsche Genossenschaftsbank, or DZ Bank, was one of the largest banks in Germany, but in 1989, their stateside presence was limited to one floor in Rockefeller Center. They wanted to increase their presence in the United States and own their headquarters, so Byrnam Wood arranged for them to purchase a Tenancy In Common interest in 609 Fifth Avenue. The building was then renovated, and DZ Bank signed a long-term lease for the space.
Sale of 380 Madison Avenue
In 1988, 380 Madison Avenue was owned by a trust established by the late Uris brothers. The building needed an upgrade and modernization, and the heirs to the property wanted to realize its full value without incurring a large tax, and without any risk. Byrnam Wood structured a long-term net lease, combined with certain put rights, and marketed the concept to a short list of pre-qualified buyers; the result is the beautifully re-engineered and modernized 380 Madison.
The College Board at 45 Columbus Avenue
This non-profit organization had always leased its headquarters in New York, and they hired Byrnam Wood in 1984to take a fresh look at their occupancy costs. We found a way to ensure a stable, low occupancy cost for the long-term by buying the first ten floors of a newly renovated landmark property as a condominium interest, and financing the purchase with real estate tax-exempt New York State Dormitory Authority bonds. We also negotiated the sale of the corner park on the property, across from Fordham University and Lincoln Center.