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For Immediate Release: Friday, January 11, 2008 Lighthouse Real Estate Ventures Inc. Starts 2008 On Record 2007 Transactions West Hempstead, N.Y., February 11, 2008 -- Lighthouse Real Estate Ventures, Inc., one of metropolitan New York’s most active commercial real estate developers, announced today that it launches into 2008 from an unprecedented position of strength, following several record transactions in 2007. Highlights of the firm’s recent transactional history include the sale of three landmark office buildings in lower Manhattan and on Long Island. In December, Lighthouse divested its ownership of 100 William Street, a premier office tower in the heart of New York City’s financial district, which it had acquired in October 1999 for $44.9 million. The firm invested an additional $10 million for renovations and capital improvements to the 421,000-sq. ft. former Chubb Insurance headquarters, including the addition of an on-premise parking garage, which nearly doubled tenant occupancy from less than 50% to over 95%. The 2007 sale price was $180 million. Also in December, Lighthouse completed the sale of the landmark Franklin National Bank building, located at 925 Hempstead Turnpike in Franklin Square, Long Island. Lighthouse acquired the 36,000-sq. ft. building for $3.9 million in October 2004, from a net lease owner selling at the expiration of a master lease with Citibank. At closing, Lighthouse consummated a new lease with JP Morgan Chase for a new bank branch and negotiated new leases with Citibank’s sub-tenants. Substantial investments in upgrading building amenities and operating systems increased occupancy form 67% to 98% at the time of sale. The FNB building is historically significant as the site where the country’s first credit card was issued in 1952, giving rise to the modern installment credit industry. The first certificate of deposit and the first drive-through banking window also made their debuts at this location. Lighthouse sold the building for $9.6 million. The third major transaction of the year was the firm’s sale of its interest in one of the region’s best known commercial properties, the former 1-800-FLOWERS building located at 1600 Stewart Avenue in Westbury, Long Island. The 220,000-sq. ft. building was acquired with a capital partner in October 2003 for $30.5 million. Extensive renovations and improvements, including a new energy management system, and hands-on leasing and management by Lighthouse successfully improved the value of the building over the next three years. In January 2007 Lighthouse sold its ownership at a price equivalent of $57 million. “Redeveloping under-managed properties to create valuable, high-occupancy, tenanted assets is our strength,” said Paul Cooper, a Lighthouse principal. “We generated excellent momentum in 2007 and expect that 2008 will bring equally exciting results.” About Lighthouse Real Estate Management Lighthouse Real Estate Ventures, Inc. (www.lighthouserev.com) is a real estate investment company specializing in transforming under-managed properties performing at below market levels into valuable, high-occupancy, quality tenanted assets. Leveraging the partners’ combined experience in capital renovation and redevelopment, carefully planned leasing strategies, and responsive hands-on management, LREV has acquired and subsequently improved over 1.4 million square feet of commercial and mixed-use space throughout Long Island and the New York metro area. For more information call (516) 887-8900. |