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Ackman, Georgetown Seek $630M for Far West Side Offices
Bill Ackman and co-owner The Georgetown Company are seeking roughly $630 million for 787 Eleventh Ave. on Manhattan’s Far West Side, Bloomberg News reported. They’ve hired Cushman & Wakefield to market the 10-story, fully leased office property, where Ackman’s Pershing Square Capital Management is headquartered.
Georgetown and an investment fund managed by Ackman paid $255.5 million to acquire 787 Eleventh from Ford Motor Company, which formerly housed its flagship dealership there. The circa-1929 building then underwent an overhaul which reportedly cost more than $100 million.
The building is hitting the investment sales market at a time when offices are still largely empty across New York City, Bloomberg reported. Conversely, Manhattan office properties have generated a few big-ticket sales in the past couple of months, capped by Google’s exercise of its option to acquire St. John’s Terminal in Hudson Square for $2.1 billion.
- ◦Sale/Acquisition
