Sovereign Partners Pays $273M for NYC Tower

December 5, 2025

Office Investment New York News More Northeast

The asset changed hands at a 32 percent discount from its previous sale.

Exterior shot of 2 Grand Central Tower, a 667,000-square-foot office property in Manhattan. — The 44-story 2 Grand Central Tower is one block away from Grand Central Terminal. *Image courtesy of Yardi Matrix*

Rockwood Capital has sold 2 Grand Central Tower, a 667,000-square-foot office asset in Manhattan, to Sovereign Partners for $273 million, Commercial Observer reported. Eastdil Secured arranged the deal and negotiated the property’s selling figure at $3 million above the asking price.

In addition, Metropolitan Life Insurance Co. issued a $177 million acquisition loan. The lender had previously provided a $262.6 million note for the property in July, according to Yardi Matrix information.

Rockwood had acquired the office tower in 2011 from BXP, formerly known as Boston Properties, the same data provider shows. The firm paid $401 million for the asset, a price 32 percent higher than the one of the current transaction.

Completed in 1982 at 140 E. 45th St., the 44-story high-rise features floorplates ranging from 8,500 to 16,400 square feet. Its tenant roster includes Stewart Title Insurance Co., CBRE, Shellpoint Partners, American Corporate Partners, Ziegler, Cigna Global and Greenlight Capital.

The building is one block away from Grand Central Terminal, between Lexington and Third avenues. The location is 1 mile from another office tower that recently changed hands at a discounted price.

Manhattan’s office market stays strong

Manhattan led the nation once again for office investment, registering almost $6.4 billion in sales year-to-date through October, according to a recent Yardi Matrix report. Assets traded at an average $523 per square foot.

In one of the borough’s largest office deals of the year, SL Green agreed to acquire Park Avenue Tower, a 36-story trophy building, from Blackstone for $730 million. The transaction, expected to close in early 2026, translates into a price per square foot of more than $1,170.

Meanwhile, Manhattan also recorded the lowest vacancy rate in the U.S., clocking in at 13 percent. Office visits increased by 4.8 percent year-over-year in October, according to a Placer.ai report, but hybrid work continues to dominate the current office real estate trends in the borough as well as on a national level.