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Shorenstein Ventures Into Midtown West

NEW YORK CITY—The San-Francisco-based company owns several office assets on the East Side but it has entered into contract to pick up the ground lease at a tower in the West 30s.

By Rayna Katz | Updated on February 23, 2015

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.

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