Image of Investment Property

388-392 Greenwich Street

Property Sq Ft: 2,000,000

Purchase Date: February 1998

Purchase Price: $1B

Year Built: 1988

Client: Primerical/Smith Barney

While in charge of the Corporate Real Estate Group within the Investment Banking Division at Morgan Stanley, MMMermel represented Smith Barney in its acquisition search for a new headquarters building. Initially, MMMermel represented Smith Barney in negotiations for 1585 Broadway which was a bankrupt building then owned by a trio of Canadian banks. MMMermel negotiated for Smith Barney to become an assignee of the bank group in its plan of reorganization. Smith Barney chose to acquire another building through an asset purchase led by MMMermel on the real estate side: the acquisition of a former back office headquarters of Shearson Lehman at 388-392 Greenwich Street. While engaged by Sandy Weill at Smith Barney, MMMermel’s client for the two year transaction was Jamie Dimon now Chief Executive Officer of JPMorgan Chase.