30 Rockefeller Plaza/1251 Avenue of the Americas
Property Sq Ft: 2,507,317/ Condominium Unit: 1,500,000
Purchase Date: November, 1993
Year Built: 1932/1970
Client: Kidder Peabody/General Electric
While at Morgan Stanley, MMMermel represented Kidder Peabody and provided strategic acquisition and investment advice in its purchase of an equity stake within the NBC condominium at 30 Rockefeller Plaza and a simultaneous lease to Kidder Peabody in the condominium. MMMermel also negotiated the terms of an improved municipal incentive structure between NYS, NYC, NBC and Kidder Peabody. After the transaction was accomplished under the aegis of a common parent, General Electric, Kidder Peabody was impacted by the Jett trading debacle. GE decided to sell Kidder Peabody, and the transaction between affiliates NBC and Kidder was canceled. MMMermel subsequently negotiated an arm’s length lease for Kidder Peabody at 1251 Avenue of the Americas for 412,000 sq ft.