Transactions - AUGUST 25, 2015

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Westbrook buys partners stake in Manhattan office

by Andrea Waitrovich

Westbrook Partners has purchased Fortress Investment Group’s 30.77 percent interest in the St. John’s Center in Manhattan, increasing its ownership to about 80 percent.

The property is valued at $650 million, and Fortress’s stake sold for approximately $200 million. Atlas Capital Group  will continue to hold its minority stake in the property.

The 1.2 million-square-foot St. John’s Center is located at 340 West St. in South Midtown, spanning more than three blocks and four floors. According to a Crain’s New York Business article, Westbrook has plans to demolish the buildings and erect new buildings with residential units. The property has been viewed as a promising large-scale redevelopment project and currently has approximately 280,000 square feet of unused deve

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