CalSTRS to buy NYC Terminal property in $800m deal
The California State Teachers’ Retirement System has been named one of the buyers for the $880 million acquisition of the Terminal Stores building in Manhattan’s Chelsea neighborhood, according to Bloomberg, citing people with knowledge of the transaction.
The pension fund will be partnering with L&L Holding Co. and Normandy Real Estate Partners, which agreed to acquire the far West Side property from the partnership of Waterfront New York and GreenOak Real Estate Advisors in July, reported The Wall Street Journal.
The storage space of the 1891 building will be converted into a modernized mixed-used property. The property totals more than 1 million square feet, taking up the entire block from 11th to 12th avenues and 27th to 28th streets. Tenants include Uber Technologies Inc., L’Oréal USA and architectural firm Grimshaw.
Other high-priced acquisitions in Chelsea and nearby neighborhoods such as the Meatpacking and Flatiron districts include Google’s $2.4 billion purchase of Chelsea Market, a 1.2 million-square-foot former cookie factory that’s across Ninth Avenue from the company’s New York headquarters.
