{"id":1004780490,"date":"2025-12-05T04:58:51","date_gmt":"2025-12-05T12:58:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004780490"},"modified":"2025-12-05T06:35:24","modified_gmt":"2025-12-05T14:35:24","slug":"sovereign-partners-pays-273m-for-nyc-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sovereign-partners-pays-273m-for-nyc-tower\/","title":{"rendered":"Sovereign Partners Pays $273M for NYC Tower"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/2-Grand-Central-Tower-in-Manhattan.jpg\"><img decoding=\"async\" data-attachment-id=\"1004780493\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/sovereign-partners-pays-273m-for-nyc-tower\/2-grand-central-tower-in-manhattan\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/2-Grand-Central-Tower-in-Manhattan-e1764932748259.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"2 Grand Central Tower in Manhattan\" data-image-description=\"&lt;p&gt;Image courtesy of Yardi Matrix.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;2 Grand Central Tower rises 44 stories high.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/2-Grand-Central-Tower-in-Manhattan-e1764932748259.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/2-Grand-Central-Tower-in-Manhattan.jpg\" alt=\"Exterior shot of 2 Grand Central Tower, a 667,000-square-foot office property in Manhattan.\" class=\"wp-image-1004780493\" style=\"width:400px\"\/><\/a><figcaption class=\"wp-element-caption\">The 44-story 2 Grand Central Tower is one block away from Grand Central Terminal. <em>Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Rockwood Capital has sold 2 Grand Central Tower, a 667,000-square-foot office asset in Manhattan, to Sovereign Partners for $273 million, <a href=\"https:\/\/commercialobserver.com\/2025\/12\/rockwood-capital-2-grand-central-tower-sovereign-partners\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><em>Commercial Observer<\/em> reported<\/a>. Eastdil Secured arranged the deal and negotiated the property\u2019s selling figure at $3 million above the asking price.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO: <\/strong><a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-nyc-office-building-sales-october-2025\/\">Top 5 NYC Office Building Sales of October 2025<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>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 <a href=\"https:\/\/www.commercialsearch.com\/news\/clarion-sells-manhattan-office-asset-for-133m\/\">changed hands at a discounted price<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-manhattan-s-office-market-stays-strong\">Manhattan&#8217;s office market stays strong<\/h2>\n\n\n\n<p>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 <a href=\"https:\/\/www.commercialsearch.com\/news\/office-report-hybrid-work-fuels-lasting-metro-reshaping\/\">Yardi Matrix report<\/a>. Assets traded at an average $523 per square foot.<\/p>\n\n\n\n<p>In one of the borough&#8217;s largest office deals of the year, <a href=\"https:\/\/www.commercialsearch.com\/news\/sl-green-buys-manhattan-tower-from-blackstone-in-730m-deal\/\">SL Green agreed to acquire Park Avenue Tower<\/a>, 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.<\/p>\n\n\n\n<p>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 <a href=\"https:\/\/www.commercialsearch.com\/news\/office-industry-trends\/\">office real estate trends<\/a> in the borough as well as on a national level.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The asset changed hands at a 32 percent discount from its previous sale.<\/p>\n","protected":false},"author":3619,"featured_media":1004780493,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1600,21742,10,21747],"tags":[33101,35073,47213,52379],"class_list":["post-1004780490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-eastdil-secured","tag-metropolitan-life-insurance-company","tag-rockwood-capital-corp","tag-sovereign-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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