Transactions - JULY 27, 2015

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

Blackstone sells Manhattan office for $516m, buys portfolio for $700m

by Andrea Waitrovich

The Blackstone Group has sold the office portion of 217–247 W. 43rd St. in Manhattan’s Times Square for $516 million.

Columbia Property Trust will own the floors between four and 16. The purchase is expected to close within 30 days. The deal will be funded by a $300 million six-month bridge loan and short-term borrowings. Nearly 98 percent leased, the first-year net operating income is projected to be $22.3 million.

Blackstone bought the office portion of the 16-story building at 229 W. 43rd St. in 2011 for $160 million. It invested $105 million in renovations, which served as the headquarters of the New York Times Co. from 1913 to 2007. Yahoo! Inc. leased four floors in 2013.

The acquisition follows Columbia’s $366 million purchase of the office space at 315 Park Ave. S. The office was part of a two-property portfolio sale acquired from Spear Street Capital for $426 million,.

In other news, Blackstone has purchased a 1,492-

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?

We respect your privacy! Please give consent for processing data as described in our Privacy Policy