Starwood/Herald Square JV Buy 1372 Broadway

NEW YORK CITY-Private investment firm Starwood Capital Group and investment/operating company Herald Square Properties LLC have teamed up to buy 1372 Broadway in Midtown from BLDG Management, GlobeSt.com has confirmed. While either party could not disclose the price of the transaction, it has been rumored to go for $325 million, according to industry reports.

Property records from Real Capital Analytics indicate that BLDG acquired the 571,667-square-foot tower from Manhattan-based office REIT SL Green Realty Corp. in October 2008 for $274 million, or $506 per square foot.  Currently, the 21-story property is 100% occupied by a mix of fashion and financial services tenants, including Ross Stores, Inc., Walmart and LF USA. It is also home to ground-floor retailers such as GNC, Starbucks and New York Health Club.