Japanese investor consortium buys Manhattan office building
A consortium of investors — Angelo, Gordon & Co.; George Comfort & Sons; and Japan-based NTT Urban Development — has purchased a 75 percent stake in the 743,240-square-foot Grolier Building, located at 575 Lexington Ave. in Manhattan.
The sales price is $375 million, and the 34-story Grolier Building is valued at $500 million. Angelo Gordon will hold a majority stake.
The sellers were New York Life and Prudential Real Estate Investors. The other owner, Normandy Real Estate Partners, will retain its roughly 25 percent interest in the property. The sellers purchased the office property in 2010 for $360 million and invested $16 million in improvements.
The building is 80 percent occupied. Major tenants include Weill Cornell Medical College, which is the largest tenant, as well as Boies Schiller, Janney Montgomery, Staples and New York Sports Club. The asset also has a 150-space underground parking garage.
The acquisition foll