Providence Equity signs 49-year lease with Sherwood valued at $183.8M for Times Square billboards
2 Times Square (Credit - Google)
Investment firm Providence Equity Partners through the entity Ultimate Buyer, LLC signed a 49-year lease as tenant with landlord Sherwood Equities through the entity Universal Branding Group LLC valued at $183.8 million for billboard signage covering and on top of 2 Times Square in Times Square, Manhattan.
2 Times Square is an iconic signage platform on the north end of Times Square with frontage on 47th Street.
The deal closed on January 18, 2023 and was recorded on January 25, 2023.
The signatory for Sherwood Equities was Jeffrey Katz. The signatory for Providence Equity Partners was Sarah N. Conde.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Providence Equity Partners had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sherwood Equities had not purchased any other properties and sold three properties in two transactions for a total of $316 million over the same time period.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on March 31, 2016. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of two of the 55 commercial properties representing 121,568 square feet of the 1,982,329 square feet. The two identified owners are Prasit Realty Corp. and Mehran Kohansieh.
There are no active new building construction projects on this tax block.
The majority, or 64 percent of the 720,708 square feet of built space are elevator buildings, with hotel buildings next occupying 16 percent of the space.
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