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Ron Burkle Snags American Stock Exchange Building for Reported $155M
(Updated with additional information)
Ron Burkle’s Yucaipa Partners has acquired the former headquarters of the American Stock Exchange at 86 Trinity Pl., Crain’s New York Business reported. The deal is reportedly valued at $155 million.
Separately, iBorrow said it arranged a $97.1-million acquisition loan to Yucaipa, which sought a short-term bridge loan to close the acquisition of the property, until construction financing could be secured.
Clarion purchased a 70% stake in the 14-story Financial District property from GHC Development for $105 million in 2015. It wasn’t immediately clear whether Yucaipa bought the entire building or just Clarion’s stake and whether GHC still owned a stake in the Financial District property, according to Crain’s.
Clarion and GHC announced in 2018 that they would offer 86 Trinity, also known as 123 Greenwich St., up for lease for the first time in its roughly 100-year history. GHC, led by CEO Allan Fried, said it was focused on transforming the historic building into a retail and hotel property.
Now a century old, the 176,000-square-foot property served as the American Stock Exchange’s headquarters from the 1950s until 2008.
- ◦Sale/Acquisition
