Search
 

Starwood/Herald Square JV Buy 1372 Broadway

NEW YORK CITY-While the price of the transaction could not be disclosed, the acquisition was rumored to go for $325 million.

By Jacqueline Hlavenka | Updated on June 15, 2012

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.