Manhattan Office Giant on Block
May 29, 2012, 6:17 PM
Manhattan Office Giant on Block
By Eliot Brown
Values of Manhattan office buildings are about to be tested by the investment group that bought Worldwide Plaza for a discount price at the market’s nadir.
http://blogs.wsj.com/metropolis/2012/05/29/manhattan-office-giant-on-block/
The group, which includes George Comfort & Sons Inc. and RCG Longview, has hired Eastdil Secured to market the hulking 1.8 million-square-foot tower at 825 Eighth Ave., a spokesman for the owners confirmed Tuesday.
It purchased the half-vacant building for roughly $600 million in 2009. That was a giant drop from the about $1.74 billion Harry Macklowe paid as part of a portfolio at the market’s peak in early 2007, before the economy plunged and a major tenant left.
The owners are hoping their timing is just as good on the sale of the tower, now about 95%-occupied, according to CoStar Group Inc.
http://blogs.wsj.com/metropolis/2012/05/29/manhattan-office-giant-on-block/
Manhattan Office Giant on Block
By Eliot Brown
Values of Manhattan office buildings are about to be tested by the investment group that bought Worldwide Plaza for a discount price at the market’s nadir.
http://blogs.wsj.com/metropolis/2012/05/29/manhattan-office-giant-on-block/
The group, which includes George Comfort & Sons Inc. and RCG Longview, has hired Eastdil Secured to market the hulking 1.8 million-square-foot tower at 825 Eighth Ave., a spokesman for the owners confirmed Tuesday.
It purchased the half-vacant building for roughly $600 million in 2009. That was a giant drop from the about $1.74 billion Harry Macklowe paid as part of a portfolio at the market’s peak in early 2007, before the economy plunged and a major tenant left.
The owners are hoping their timing is just as good on the sale of the tower, now about 95%-occupied, according to CoStar Group Inc.
http://blogs.wsj.com/metropolis/2012/05/29/manhattan-office-giant-on-block/
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