Jones Lang LaSalle
Investors Take 6 Times Square
By Barbara Jarvie
NEW YORK CITY-A Dubai investment group, Istahamar, has acquired 6 Times Square for approximately $300 million. Last month, GlobeSt.com previously reported exclusively that the site of the former Knickerbocker Hotel was in play. In another deal Broadway Partners will take title to 522 Fifth Ave. for approximately $420 million or more than $750 per sf. The firm is also under contract to acquire 660 Madison Ave. for approximately $220 million, sources say.
Nearly two years ago, Sitt Asset Management contracted to acquire 6 Times Square from SL Green Realty for $160 million. Constructed in 1906 as the Knickerbocker Hotel, the 16-story property was subsequently converted into office space. It is located on the southeast corner of Broadway and 42nd Street. At the time when news broke of the property being marketed, sources said interested parties were also considering the site for hotel conversion. The deal is expected to close by the end of the year.
Doug Harmon of Eastdil exclusively represented the seller and brokered the 522 Fifth Ave. deal, which was put on the market by Stellar Management and Rockpoint Group. An Eastdil is also working on the 660 Madison transaction.
Broadway Partners will receive a vacant property at the 550,000-sf 522 Fifth--the former home of JP Morgan Chase--when the deal closes shortly. One source says there was a lot of interest from financial institutions looking to occupy some of the space as well as REITs. "You can’t go wrong with this property," the source said.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
Investors Take 6 Times Square
By Barbara Jarvie
NEW YORK CITY-A Dubai investment group, Istahamar, has acquired 6 Times Square for approximately $300 million. Last month, GlobeSt.com previously reported exclusively that the site of the former Knickerbocker Hotel was in play. In another deal Broadway Partners will take title to 522 Fifth Ave. for approximately $420 million or more than $750 per sf. The firm is also under contract to acquire 660 Madison Ave. for approximately $220 million, sources say.
Nearly two years ago, Sitt Asset Management contracted to acquire 6 Times Square from SL Green Realty for $160 million. Constructed in 1906 as the Knickerbocker Hotel, the 16-story property was subsequently converted into office space. It is located on the southeast corner of Broadway and 42nd Street. At the time when news broke of the property being marketed, sources said interested parties were also considering the site for hotel conversion. The deal is expected to close by the end of the year.
Doug Harmon of Eastdil exclusively represented the seller and brokered the 522 Fifth Ave. deal, which was put on the market by Stellar Management and Rockpoint Group. An Eastdil is also working on the 660 Madison transaction.
Broadway Partners will receive a vacant property at the 550,000-sf 522 Fifth--the former home of JP Morgan Chase--when the deal closes shortly. One source says there was a lot of interest from financial institutions looking to occupy some of the space as well as REITs. "You can’t go wrong with this property," the source said.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
posted by Jones Lang LaSalle NJ News Blog at 9:54 AM
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