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GDS, Sabal Acquire Controlling Stake of Metropolitan Tower for $83M
GDS Development Management and Sabal Investment Holdings have acquired a controlling stake in the office portion of Manhattan’s Metropolitan Tower at 146 West 57th Street for $82.6 million. The deal, which was finalized in March, follows their joint venture with German lender Aareal Group to acquire the distressed debt tied to the Plaza District tower from L&L Holding and Mitsubishi.
The 77-story tower in Midtown includes an 18-story office condominium totaling 237,695 square feet, while the 240 residential condos are not part of this transaction. L&L acquired a stake in the office condo in 2006 with BlackRock, and Mitsubishi later acquired BlackRock’s majority stake in 2016. The owners refinanced their debt with a $92.5 million loan from Aareal Group in 2021.
Newmark’s Adam Spies, Adam Doneger, Christopher Kramer and Evan Layne arranged the sale. The building is currently about 60 percent leased and has been the headquarters of L&L.
- ◦Sale/Acquisition
