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20 Times Square JV Dissolves in $1.5B Buyout
Winthrop Realty Liquidating Trust has closed on the sale of 701 Seventh Ave., a mixed-use project also known as 20 Times Square, to its former joint venture partner Maefield Development for $1.53 billion. First reported in an SEC filing in February, the sale entails Winthrop completing development of the project.
The site once held an 11-story office building, but will now house a 39-story tower with about 76,000 square feet of retail, a 452-key Marriott Edition hotel and an 18,000-square-foot LED sign. The JV acquired the site in 2012.
Since August 2014, when Winthrop Realty Trust’s shareholders adopted a plan of liquidation, the liquidating trust has disposed of 45 of its 51 assets. Still on its books are two triple-net-leased office properties in two states, JV interests in New York and Chicago properties, and a pair of loan assets.
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
- ◦Sale/Acquisition

