Blackstone Sells 6th Ave Office Tower For $180M
Blackstone has agreed to sell 1140 Avenue of the Americas to the American Realty Capital New York City REIT for $180M.
The transaction is expected to close in Q2, GlobeSt reports.
Blackstone picked up the 250k SF, 22-story Class A office tower back in 2011, for $98M, from Stellar Management and the Rockpoint Group. Blackstone then poured $85M into an extensive reposition, a move several other landlords are currently opting for throughout the city.
The building is 91% leased and its largest tenant is City National Bank.
NYCR CEO Michael Happel says in a statement the building features "a number of leases below market" and that the "acquisition is consistent with our strategy to acquire institutional quality real estate in prime Manhattan locations." [GS]
