NEW YORK CITY—The Blackstone Group has signed an agreement to purchase a 49% stake in One Liberty Plaza, in a deal expected to close by the end of the year.
The New York Post first reported the transaction, noting it is the first time Brookfield Property Partners has allowed minority partnership ownership in the 2.3 million square-foot, 54-story black tower. The building is valued at over $1.5 billion, at approximately $660 per square foot, rumored by industry data. This makes it one of the priciest downtown office building sales recorded.
The Real Deal had reported in October 2017 Cushman & Wakefield's Doug Harmon and Adam Spies listed the building.
Industry data also notes tenants in the building include law firm Cleary Gottlieb Steen & Hamilton, Goldman Sachs, NASD, FINRA, and New York City's Economic Development Corp. The Post reports the property is over 94% leased.
One Liberty Plaza also has the Financial District address of 165 Broadway. Designed by Skidmore, Owings & Merrill and constructed in 1973, the distinctive black steel skyscraper was originally commissioned by US Steel for their headquarters and at one time served as Merrill Lynch's headquarters.
Geographically close to the World Trade Center, following the Sept. 11, 2001 terrorist attacks, the building suffered exterior damage, which subsequently had been repaired.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
