Thursday, December 30, 2010

Pace University Enters Build-to-Suit for Student Housing in Manhattan

Reuters - December 30, 2010

Israel's Harel Insurance Investments & Financial Services (HARL.TA) said on Thursday it was teaming up with U.S. real estate partners for a project in New York, as it expands its property portfolio abroad.

Harel, U.S. office space owner SLG Green Realty (SLG.N) and real estate developer Jeff Sutton aim to build a $58 million complex in lower Manhattan's financial district.

The 23-storey building at 180-182 Broadway is slated to be completed in 2014, Harel said. Harel said its stake in the project is 49 percent and it will invest $28.5 million. The building will be used mainly to house students at Pace University and will be rented to the university for 30 years.

In October, Harel acquired two office buildings in Houston, Texas with Beacon Investment Properties for $85.2 million. Sphere: Related Content

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