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Principal buys interest in Manhattan office building

by Andrea Waitrovich

Principal Real Estate Investors has bought a 49 percent interest in 77 Water St., a 26-story office in downtown Manhattan, for $115.2 million. The acquisition was based on a total property value of $235 million or $392 per square foot. An official announcement has not been released.

The seller was Travelers Insurance, which will retain a stake of 1 percent while The William Kaufman Organization owns the remaining 50 percent, according to Real Capital Analytics.

The building is leased to Goldman Sachs. The subtenants include AT&T, Arup, and Lewis Brisbois Bisgaard & Smith.

Like many other investors, Principal has been actively investing in well-leased, high-quality office buildings in the New York C

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