Transactions - FEBRUARY 25, 2015

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Shorenstein buys Manhattan office for $330m

by Andrea Waitrovich

Shorenstein Properties is under contract to purchase the 1.1 million-square-foot office property located at 1407 Broadway in Manhattan for $330 million, or $300 per square foot.

The seller is a joint venture between Lightstone Group and Lightstone Value Plus REIT, which acquired the property in 2007 for $122 million. The land was not included, which will be owned by an undisclosed investor.

According to Real Capital Analytics, this is the San Francisco–based investor’s first office purchase in New York City this year. Shorenstein’s Big Apple portfolio includes the office assets located at 477 Madison Ave. and 850 Third Ave.

Shorenstein has been actively selling several assets from its West Coast portfolio. In Seattle, the firm has sold the Blanchard Plaza for $120.66 million to the AFL-CIO Building Investment Trust. In addition, Shorenstein, with its joint venture partner Wright Runstad Co., is in a pending transaction to sell the Se

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