NEW YORK, Dec 23 2004 – LAWFUEL – Best for law news – Weil, Gotshal & Manges LLP, one of the world’s leading law firms, represented The Reader’s Digest Association, Inc.
(RDA) in the closing of the sale of its Pleasantville, NY headquarters
property to a joint venture of Greenfield Partners, LLC and Summit
Development, LLC, and its signing a 20-year renewable lease at market rent
with those parties for the portions of the property it intends to continue to
use as its corporate headquarters. Greenfield Partners and Summit Development
took title of the property on December 22, 2004.
The property consists of 114 acres with 700,000 square feet of office
space, about one third of which RDA now leases. Total consideration for these
combined transactions is $59 million, $49 million which was payable at closing
and the remaining $10 million deferred until December 22, 2006. Approximately
$36 million of the proceeds are attributable to the partial sale-leaseback
transaction, with the balance attributable to the sale of the surrounding
property. In addition, the agreement provides for a contingent $1 million
payment and an option for the purchaser to acquire from RDA some residences
adjacent to the property for $3 million.
Weil, Gotshal & Manges LLP is an international law firm of more than 1,200
attorneys, including approximately 300 partners. Weil Gotshal is headquartered
in New York, with offices in Austin, Boston, Brussels, Budapest, Dallas,
Frankfurt, Houston, London, Miami, Munich, Paris, Prague, Shanghai, Silicon
Valley, Singapore, Warsaw, Wilmington and Washington, D.C.
Weil, Gotshal & Manges LLP’s Team
Real Estate Transactions & Finance: J. Philip Rosen (Partner, NY), Alan A.
Lascher (Partner, NY), Joseph Miller (Associate, DC), John Butenas (Associate,
DC), Chrystal Dyer-Larouche (Associate, NY).