Canadian Firm 99c Acquires Manhattan Financial District Tower for $297 Million

In a significant real estate transaction, Canadian biotech entrepreneur Carlo Bellini’s firm, 99c, has acquired 180 Maiden Lane in Manhattan’s Financial District for $297 million. The 41-story office tower, spanning an impressive 1.2 million square feet, was purchased from Clarion Partners and MHP Real Estate, who had originally acquired the property in 2015 for $470 million.

The sale of this prominent Financial District landmark comes at a time when Clarion Partners and MHP faced a maturing loan and potential foreclosure, prompting them to opt for a short sale earlier this year. The transaction was expertly facilitated by Gary Phillips and Will Silverman of Eastdil Secured, marking a significant shift in ownership for this prime Manhattan real estate.

Property Details and Current Occupancy

Located near the South Street Seaport, 180 Maiden Lane boasts a current occupancy rate of 68 percent. The tower hosts a diverse array of tenants, including National Debt Relief, City Year, Splash, Cover Whale, and Royal Funding Group. This mix of occupants reflects the building’s appeal to various sectors and its strategic location within the Financial District.

To support the acquisition, a syndicate led by ING provided financing to 99c, although the specifics of the loan amount were not disclosed. This financial backing underscores the confidence in the property’s potential and 99c’s vision for its future.

Carlo Bellini: A Rising Force in NYC Real Estate

This acquisition marks Carlo Bellini’s second major investment in New York City real estate through his firm 99c. It follows the company’s purchase of 175 Water Street two years ago for $252 million, signaling Bellini’s growing interest and confidence in the Manhattan real estate market.

Bellini, a Canadian biotech entrepreneur, brings a unique background to his real estate ventures. As the son of Francesco Bellini, a renowned Canadian entrepreneur famous for his role in developing a revolutionary HIV-treatment drug, Carlo has deep roots in the biomedical field. He continues to maintain his connections to the life sciences sector as the managing director of Bsquared Capital, a life sciences investment firm. This diverse portfolio of interests showcases Bellini’s multifaceted approach to business and investment, blending his expertise in biotechnology with strategic real estate acquisitions in one of the world’s most competitive markets.