Boston investor buys 50% interest in Manhattan office
Boston-based Beacon Capital Partners has purchased a 50 percent partial interest in the office located at 85 Broad St. in Manhattan. The seller, MetLife, will retain the remaining stake.
The total property value was $350 million, or $318 per square foot. Beacon Capital will pay approximately $175 million its 50 percent stake in the 1.1 million-square-foot office.
Current tenants include investment bank Oppenheimer & Co.
There have been several high-priced Manhattan offices trading this month. Last week The Blackstone Group sold 1095 Avenue of the Americas for $2.25 billion. On the buying side the firm is in contracts to buy 1750 Broadway for $605 million from Vornado Realty Trust.
Also, TIAA-CREF acquired the offices