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Rockpoint Nabs Manhattan Tower for $465M
Boston-based Rockpoint Group acquired 1700 Broadway, a 626,000-square-foot office building in New York’s Midtown Manhattan submarket, from Ruben Companies for $465 million. The 95%-occupied property traded for $743-per-square-foot, which translates to a cap rate in the 4 to 5% range.
Cushman & Wakefield brokered the deal on behalf of Ruben, a local developer that constructed the 42-story building in 1968 under a ground lease. Ruben picked the underlying land in early 2016 for $280 million.
Tenants at the property include Gensler (120,000 square feet), CBS (48,000 square feet), LS Power, Chaffetz Lindsey and Friedman. The L-shape property runs along the east side of Broadway, between West 53rd and West 54th Streets. It includes 608,000 square feet of offices, 11,500 square feet of retail space and 7,000 square feet of storage space.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition