Stellar Management President Larry Gluck closed on his purchase of two industrial office buildings in Soho and plans to combine the structures into a single tower, according to the New York Post. Gluck paid $200 million for the 16-story, 320,000-square-foot office building at 161 Sixth Avenue and the 10-story, 250,000-square-foot property at 233 Spring Street, both of which are off the corner of Sixth Avenue and Spring Street.
Between the two office buildings stands a 20-foot-wide loading dock that runs from Spring Street to Vandam Street. Architect Gensler has drawn up plans to create a new center core — with a lobby, staircase and elevators — from the loading dock and add a penthouse to make a single 748,000-square-foot building.
The plan helps free up space from elevators and smaller lobbies in the neighboring buildings, as the building’ mostly smaller tenants move out.
Imperium Capital partnered with Gluck on the deal, and Doug Harmon and Adam Spies of Eastdil Secured represented Gluck and obtained equity from Rockwood and financing from Starwood Capital for the purchase. [Post, 1st item]