Darban acquires Manhattan office building
CEO Yigal Lavie: The Manhattan office market is heating up.

09/28/10 Fishman Group real estate investment holding Darban Investments Ltd. (TASE: DRBN) reported today that it will acquire a Manhattan office building for about $44.5 million.

Darban said that it signed a deal with one if the largest banks in the US to acquire the full rights to a loan granted by a banking corporation to a company which owns the office building. The loan has principal outstanding of $67.5 million, and Darban paid about $44.5 million for the rights.

The bank is in the process of foreclosing the mortgage on the property. A New York court has appointed a temporary receiver. After the foreclosure process, Darban will be listed as the owner of the property.

The 12-story building is located in the Chelsea neighborhood in Manhattan. The occupancy rate is currently 34%.

Darban CEO Yigal Lavie said, "This deal essentially represents the acquisition of a property in an excellent location. The Manhattan office market is heating up, the asset is located in an area with high occupancy rates, and we anticipate that the property will be leased at rent levels that reflect a nice return on the investment."

Fishman Group controlling shareholder Eliezer Fishman is the controlling shareholder in “Globes”.

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