NEW YORK CITY—The Boston-based real estate company Rockpoint Group, on Wednesday closed on a deal to purchase 1700 Broadway from the developer and real estate management firm, Ruben Companies, for $465 million.
Originally built in 1968, the Midtown Manhattan office tower is located on Broadway between W. 53rd and W. 54th streets. Ruben Companies developed the 42-story glass office tower that also features 11,000 square feet of retail space. The tower floors are 13,500 square feet with base floors of 23,000 square feet.
In January 2016, Ruben Companies purchased the land under the building from the Schubert Organization for $280 million, according to Real Capital Analytics.
Major tenants in the building include design firm Gensler, which has a 115,00 to 120,000 square-foot lease, with starting rent dating back to 2015 in the low $50s; CBS Broadcasting, which has an approximately 50,000 square-foot lease, with starting rent in 2017 in the low $60s; Main Street Films, having a 10,000 to 15,000 square-foot lease with starting rent in 2017 in the low $30s; and Luminus Management, with an approximately 15,000 square-foot lease with starting rent in 2017 in the low 70s. This leasing information was available through CompStak.
The law firm of Kasowitz Benson Torres represented Rockpoint, and Cushman & Wakefield brokered the sale representing Ruben Companies.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
