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111 Eighth Ave. Changes Hands for $775M

NEW YORK CITY-Jamestown buys a 75% stake in one of the city's largest assets--the 2.8 million-sf 111 Eighth Ave for approximately $775 million. The site, once home to the Port Authority, now has such tenants as Deutsch Inc. and DoubleClick.

By Barbara Jarvie | Updated on January 30, 2004

NEW YORK CITY-Another deal that had been the stuff of rumors and inaccurate reports is expected to close next month. Jamestown takes a 75% stake in 111 Eighth Ave. for a figure in the range of $775 million. The 2.8 million sf site in Chelsea, which fills an entire block is the third largest office asset here. Taconic Investment Partners, who will continue to serve as property manager, and the New York State Common Retirement Fund will have the remaining 25% interest. In July of last year, Jamestown acquired a 75% stake in the nearby Chelsea Market for more than $200 million.

Eastdil was the exclusive broker for the seller and $500 million in financing was secured through Greenwich Capital.

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