Simpson Thacher Represents Carlyle Group Venture in $1.76 Billion Real Estate Acquisition
06.22.05
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Simpson Thacher is representing a joint venture between The Carlyle Group's real estate fund and Extell Development Company in the acquisition of the New York City project known as Riverside South from a Hong Kong investor group and Donald Trump. The West side of Manhattan project spans the stretch between 71st Street and 59th Street on Riverside Boulevard on the Hudson waterfront and includes three residential rental buildings, several commercial condominium units and nine development parcels. Under the terms of the purchase agreement signed on June 17, 2005, the Carlyle venture is acquiring the project for $1.76 billion. On the same date, Carlyle entered into an agreement with Equity Residential, a residential real estate investment trust, for Equity Residential to acquire the three rental buildings for $816 million at the closing of the acquisition of the overall project. The transaction is expected to close in the third or fourth quarter of 2005.
The Simpson Thacher team includes Scott Kobak, Steven Stickler, Michael Rishty, Caylin DeBlasio and Jenny Lee (Real Estate), Glenn Sarno, Yong Ren and Jill Kalish (Private Equity), Charles Rappaport and Nancy Mehlman (Tax).