To help secure financing, Partner completed a Phase I Environmental Site Assessment and a high-level debt Property Condition Assessment on a 2.2 million square foot high-rise office building, located on 2.58 acres. In addition to the 61 floors, the building also contains five basement levels which are utilized for mechanical purposes, limited vehicle parking, delivery truck unloading, waste disposal, building management storage, the construction of future retail space, corporate office training, and a large bank vault for storage purposes.
According to available historical sources, Partner was able to determine that the subject property was formerly developed with numerous, connected multi-story commercial buildings utilized as restaurants, storefronts, and other commercial uses from as early as 1894 to 1900. The property was then used primarily for banking and insurance operations from circa 1901 to 1957.
Originally built in 1957, construction for the current steel and concrete-encased steel framed building was known as One Chase Manhattan Plaza.
Partner is currently in the process of completing an updated report to deliver new cost tables since building components such as the HVAC and roofing system were replaced/repaired. This will provide the co-lenders, as well as the borrower, a more realistic maintenance budget.