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New York & Tri-State  + Midtown New York  + Office  | 

2 Grand Central Trades to Sovereign Partners for $273M

Eastdil Secured represented Rockwood Capital in the sale of 2 Grand Central Tower, a 667,000-square-foot office property at 140 E. 45th St. in Midtown Manhattan. Sovereign Partners paid $273 million for the 44-story tower, or $3 million above the asking price Rockwood sought when it put the property on the market.

MetLife Investment Management furnished $177 million in acquisition financing, having provided a $262.6-million note for the property this past July. “This investment represents a clear vote of confidence in the future potential of this trophy property and the Grand Central submarket it helps define,” Gary Phillips of Eastdil posted on LinkedIn. “We look forward to watching its next evolution.” Phillips and Eastdil’s Will Silverman arranged the sale.

The property was developed by Macklowe Properties in the early 1980s. Rockwood acquired it from BXP in 2011 for $401 million, a 32% higher price than it sold for this month.

Photo courtesy of CBRE.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition