Hunton & Williams Represents World-Wide Group in $231M Sale

NEW YORK — November 6, 2014 — Hunton & Williams LLP advised World-Wide Group in the $231 million sale of its ground leasehold interests in the properties located at 110 Church Street and 53 Park Place situated in Manhattan’s Tribeca area. The sale was made to the Sapir Organization. In 2000, the Sapir Organization, the owner of the land, ground-leased the sites to World-Wide Group, which subsequently re-developed and constructed full service luxury high rise rental buildings on the sites.

The transaction closed November 6, 2014.

“We’re delighted to have been a part of World-Wide’s successful redevelopment of this property,” said Carl F. Schwartz, a partner in Hunton & Williams’ New York office and co-head of its global real estate practice. “World-Wide’s sophisticated financing and leasing strategy, as well as its post-9/11 recovery efforts, have helped to redefine Tribeca.”

The New York-based Hunton & Williams team was led by Schwartz and included Susan L. Saslow, a senior real estate attorney, and Anna Cadet, a real estate associate.

The Sapir Organization was represented by DLA Piper LLP with respect to the acquisition and Sheppard Mullin Richter & Hampton LLP with respect to the financing.