Carlton arranges $504m acquisition interest.

Chairman Howard L. Michaels announced that Carlton has advised a joint venture between Optibase Ltd. and Gilmor USA LLC, on the acquisition of a 49.5% interest in the office building located at 485 Lexington Avenue in Manhattan from Green 485 JV LLC, a subsidiary of SL Green Realty Corp.

In the second largest Manhattan office transaction this year, Carlton represented international investors from Israel and Nigeria in the acquisition of this 930,000 s/f office tower.

"485 Lexington is an anomaly in today's market. It's a tremendous asset located two blocks from Grand Central, which is 98% leased to credit quality tenants with virtually no turnover for seven years," said Howard L. Michaels, chairman of The Carlton Group.

"In addition, the property has almost eight years remaining on a fixed rate 5.61% mortgage. The combination of these factors is what made the transaction palatable to our investors. Most of the larger deals which have traded this year in Manhattan have had large vacancies and short term financing. 485 Lexington has it all: super location, great tenants with no rollover for seven years and tremendous low cost, long term, fixed rate financing."

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