Two Manhattan offices sell for $382m
In separate deals, two office buildings in New York City have been sold for approximately $382 million.
A portion of the office property located at 125 Broad St. was acquired by 125 Acquisition for $202 million. The firm acquired the second floor to the 16th floor from Mack-Cali Realty Corp., which paid $273 million for the condominium units on the floors in 2007.
According to a Crain’s New York Business article, this is Mack-Cali’s only Manhattan property. The REIT has plans to focus on investing in waterfront office and residential properties, as well as buildings near transit hubs. It will sell $600 million to $800 million worth of properties to fund new acquisitions and also plans to use the proceeds to finance capital upgrades of its existing buildings.
In other news, American Realty Capital