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David Werner Closes on $270M Acquisition of One Dag Offices
Newmark has arranged the sale of One Dag Hammarskjöld Plaza, a 50-story Class A office tower located at 885 Second Ave. in Midtown Manhattan. David Werner Real Estate Investments acquired the property, which reportedly will continue to be operated as an office property, from Rockpoint for $270 million, with a total capitalization exceeding $330 million. The acquisition represents a 50%-plus discount on the property’s 2019 sale price, according to published reports.
Co-head of U.S. Capital Markets Adam Spies, executive vice chairman Adam Doneger and managing director Willis Robins represented Rockpoint in negotiations. In conjunction with the sale, Newmark also arranged a $250-million acquisition loan provided by J.P. Morgan. Head of Global Debt & Structured Finance Jordan Roeschlaub, vice chairman Nick Scribani and director Tim Polglase arranged the financing.
Comprising approximately 870,000 square feet across 50 stories, One Dag was designed by Emery Roth & Sons and completed in 1972. It has been enhanced through more than $20 million in capital improvements.
- ◦Sale/Acquisition
- ◦Financing
