{"id":1004109973,"date":"2014-12-23T08:12:56","date_gmt":"2014-12-23T16:12:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004109973"},"modified":"2022-12-07T18:21:32","modified_gmt":"2022-12-08T02:21:32","slug":"another-big-one-vornado-sells-manhattans-1740-broadway-for-605m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/another-big-one-vornado-sells-manhattans-1740-broadway-for-605m\/","title":{"rendered":"Another Big One: Vornado Sells Manhattan’s 1740 Broadway for $605M"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/em><\/p>\n

\"Courtesy:<\/a>

Courtesy: Craig Walenta (flickr)<\/p><\/div>\n

Manhattan continues to lead the pack as the town with the biggest big-ticket office transactions in the U.S. as the 600,000-square-foot building at 1740 Broadway fetches $605 million, or roughly $1,000 per square foot. Vornado Realty Trust was the seller. Blackstone Group L.P. is the new owner<\/p>\n

Built in 1950 and comprehensively renovated in 2007, 1740 Broadway is a fully occupied high-rise that is fully leased, right down to its 20,000 square feet of ground-level retail space. Vornado walked away from the sale of the 26-story-story tower with a tax gain of $484 million, which the company will defer in a like-kind exchange involving its $700 million joint venture acquisition of the retail condominium of the St. Regis Hotel and the adjacent retail townhouse, which total approximately 25,000 square feet.<\/p>\n

Commercial real estate services firm CBRE Group marketed 1740 Broadway on Vornado\u2019s behalf, and likely found more than a few interested investors. In terms of U.S. office investment sales, New York City is fairly firmly placed in the number-one position. Manhattan has headed the sales list–in square footage and price tag–all year. In the third quarter, three of the top five office trades involved Manhattan assets, according to a report by Real Capital Analytics,\u00a0<\/b>and the trend appears to be continuing in the fourth quarter.<\/p>\n

Earlier this month, the Bank of China Ltd. reportedly agreed to acquire the 470,000-square-foot 7 Bryant Park from Hines and J.P. Morgan Chase for approximately $600 million. And in November, news emerged that Callahan Capital Partners and Canada\u2019s Ivanhoe Cambridge had committed to buying the 1.2 million-square-foot skyscraper at 1095 Avenue of the Americas from Blackstone.<\/p>\n

In October, Thor Equities, along with partners General Growth Properties and RXR Realty, closed on the acquisition of the 536,000-square-foot 530 Fifth Avenue for $595 million<\/a>. And the list goes on.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Manhattan continues to lead the pack as the town with the biggest big-ticket office transactions in the U.S., as the 600,000-square-foot building at 1740 Broadway fetches roughly $1,000 per square foot. 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