Andrew Borrok Business Experience Profile |
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Saturday, 25 October 2008 |
Andrew Borrok has been the Principal of 14 Penn Plaza, LLC since 2003, and has served as General Partner of the 425 Park Avenue Company since 2001. During his time at his current positions, Mr. Borrok has made many important changes and offered a great deal of successful legal advice.
At 14 Penn Plaza, Andrew Borrok is responsible for a $93 million squeeze out buyout of 90 partners and approximately $60 million mezzanine loan in connection with the buyout, $106 million worth of refinancing, and increased occupancy from 92 to 98+ percent. This was accomplished largely due to his supervising tenant improvement work in approximately 560,000 square feet of building space, replacing boilers and the Class E system, and other capital improvement work. All this was necessary to complete before selling the building for $350 million.
At the 425 Park Avenue Company, Andrew Borrok has supervised the rebuilding of the office buildings electrical system following a major electrical fire. He supervised the insurance claims, rent abatement claims and construction agreements in connection with the same fire. Mr. Borrok also managed relationships with the ground lessor and major tenants in the building, including Kaye Scholer and Citibank, and arranged a defense and settlement for an $86 million asbestos lawsuit.
Before coming to his current positions, Andrew Borrok served as counsel for Arent Fox PLLC, where he represented borrowers and lenders in first mortgage loans, UBS restructuring for borrower default securitized loans, the payout of an unsecured creditors committee in the Clift Hotel bankruptcy, and debtors in 363 bankruptcy sales. He also drafted and negotiated commercial leases, negotiated the sale and leaseback acquisition of a New York hospital, gained approval from the Department of Health for the same, and served as a member of the firms business development strategy group.
A strong education was required to be prepared for these large-stakes legal and real estate transactions. Mr. Borroks education includes a B.A. in Political Science from Columbia University in the City of New York, J.D. from Georgetown University Law Center, and M.B.A. from Columbia University Graduate School of Business.
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