Case Studies

Enterprise Press/Mail-Well, NYSE Symbol : MWL
(Mail-Well is now Cenveo, NYSE Symbol : CVO)
(Commercial Printing Co.)

Enterprise Press owned their corporate headquarters, a 110,000 square foot building in The West Village.  We discussed with them the appreciating value of their real estate and the higher value uses to which it could be put. 

At the time, the industry was going through a consolidation.  Regional printers were being acquired by large corporate owners with a national presence.  Enterprise was interested in disposing of their corporate assets before addressing their real estate.

We introduced Enterprise Press to Mail-Well and arranged the sale of the company as well as the lease back of the entire building.  Mail-Well was one of the world’s largest envelope manufacturers/printers and a NY Stock Exchange listed company. Mail-Well eventually ran into difficulties and after about four years Enterprise bought itself back and eventually sold their building in the 4th quarter of 2004. 

We helped them place $25 million of the proceeds into a series of tax advantaged “1031” real estate exchanges that were diversified by asset class and geography.  Following normal loan to value ratios, these exchange acquisitions should grow to about $100 million as each property is mortgaged and the proceeds are reinvested in new exchange acquisitions.

With their building now sold, Enterprise needed to find a new home.  We worked with them on finding a new headquarters location and the company is now headquartered in NJ.