NEW YORK CITY—GlobeSt.com has confirmed that Shorenstein Realty Services is under contract to purchase the ground lease at 1407 Broadway for $330 million. The lease is currently owned by the Lightstone Group and its joint venture partner, the Lightstone Value Plus Real Estate Investment Trust. The land is held—and will be retained by—a private individual.
Initially reported in the Real Deal, the transaction on the 1.1-million-square-foot Midtown office tower was reportedly arranged by HFF's Eric Anton, Andrew Scandalios and David Fowler on behalf of both the buyer and the seller. A Savills Studley team, led by Woody Heller and Will Silverman, reportedly marketed the leasehold.
Representatives of Shorenstein, Lightstone and Savills Studley did not respond to a request for comment. HFF declined to comment.
Feauturing 33,000 square feet of retail space, the building's office tenants include clothing concern Lands' End and Techstars, a startup accelerator. Space in the building is being marketed for $56 per square foot, the property's website states.
Though it's based in San Francisco, Shorenstein is no stranger to Midtown Manhattan. The company owns 850 Third Ave., a 21-story office building where it has an office, and a sizeable stake in 477 Madison Ave., a 330,000-square-foot office building.
Watch GlobeSt.com for an UPDATE on this story when the deal closes.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
