MONY

Mutual of New York (MONY) was the original owner of the two 19-story office towers totaling 600,000 sf. MONY sold the building to Continental Towers in a sale-leaseback. Continental jointly selected the Bell Group to provide investment sales services and dispose of this investment grade asset.

Objectives:

• Analyze and summarize existing debt structure, fee simple ownership and the leasehold interest
• Position the building through a marketing campaign as a first-class asset at a competitive capitalization rate
• Increase the asset's residual value

Process:

• Prepared an in-depth Property Valuation Book
• Guaranteed the first 10 years of cash flow
• Marketed the building with valuable building and market information to increase the positioning of residual value

Results:

• It was determined that the asset appealed to more speculative investors because of its relatively short-term cash flow and potential for a higher long-term cap rate
• A strategy of preparing a Valuation Book saved marketing and due diligence time
• The property sold for $56,000,000, exceeding the client's objective

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