Pillsbury’s recent representation of the United States Postal Service in connection with a long-term lease to Tishman Speyer in the Morgan General Mail Facility in Manhattan was the 8th largest office transaction in the United States in 2019, according to a recent report by Real Estate Alert. The publication reported the all-in value of the deal at $798 million.
One of the largest U.S. Postal Service processing centers in the country, the landmarked, 1.4 million-square-foot facility at 341 Ninth Avenue —colloquially known as “Morgan North”—occupies two full city blocks in Manhattan’s Chelsea neighborhood. The 99-year lease entered into by Tishman Speyer covers approximately 600,000 square feet of space across six floors. Given the term of the lease, the lease effectively constituted a sale of the premises.
The Pillsbury team advising the U.S. Postal Service on this transaction was led by Real Estate partners Caroline A. Harcourt and David L. Miller, with assistance from Real Estate associates Rebecca Elizabeth Ross and Zachary D. Bailey and litigation special counsel Matthew D. Stockwell.