Publications

Transactions

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

Sign in Start Your Free Trial Now View Purchase Options

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

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?