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Blackstone Group Buys 7 World Trade Debt

NEW YORK CITY-The two million sf of the 47-story property rent for an average $45, well below market level.

By John Howe | Updated on October 17, 2000

NEW YORK CITY-Blackstone Real Estate Advisors, the real estate investment and management arm of the Blackstone Group, an investment bank, has bought the participating mortgage secured by 7 World Trade Center from Teachers Insurance and Annuity Association. The 47-story, class A, Downtown Manhattan property is controlled by Silverstein Properties, Inc. Terms were not disclosed

The building’s two million sf of office space are renting, for, on average, $45 per sf. Robert Goodman, senior managing director of Julien J. Studley Inc., estimates that is 10% or more below market level. The property is completely occupied at the moment with tenants such as Salomon Smith Barney, Hartford Fire Insurance, American Express, the General Services Administration and the US Securities and Exchange Commission. But space may open up, according to Goodman. In the next year or two Hartford Fire and Insurance, which has two floors, may move, and the GSA may move out of its floor

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