Mercedes-Benz dealership deal

Real Estate Weekly, Nov 26, 2008

CB Richard Ellis represented Mercedes-Benz USA in replacing its existing flagship dealership with a new, 332,982 s/f facility at 770 11th Avenue. The new dealership is expected to be operational by 2011.

Located between 53rd and 54th Streets on the West Side, the new facility is under development by Two Trees Management Co. LLC, replacing an existing, smaller facility on 41st Street and 11th Ave.

When completed, the new dealership will be one of the firm's largest in the country, and include 39,236 s/f of first-floor show room and office space, 28,918 s/f of mezzanine space, with the remainder set in three below-grade levels averaging approximately 90,000 s/f each.

"Mercedes-Benz is a premier automaker who seized a tremendous opportunity to relocate in Manhattan, enabling the firm to provide enhanced customer care and efficiency," said Michael R. Laginestra, vice chairman, CBRE, who arranged the transaction with Michael Geoghegan, vice chairman, and Joan Meixner, senior vice president.

"As can be seen, New York is still an in-demand market, especially among best-in-class companies."