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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

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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).

  • ◦Development
  • ◦Sale/Acquisition
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