The Real Deal New York

Stellar buys out Rockpoint at One Soho Square in $650M deal

Larry Gluck-led firm had a 75 percent stake

August 15, 2016 03:12PM

Larry Gluck and rendering of One Soho Square

Larry Gluck and rendering of One Soho Square

Larry Gluck’s Stellar Management has bought out former partner the Rockpoint Group and brought on a new investor at One Soho Square in a deal that values the office-and-retail project at $650 million.

Stellar TRData LogoTINY purchased Rockpoint’s 25 percent interest in the 750,000-square-foot project, giving the Boston-based firm $260 million for its interest, according to Crain’s.  Imperium Capital is also a minority partner in the project, which is comprised of two neighboring buildings at 223 Spring Street and 161 Sixth Avenue. A representative for Imperium refused to comment.

Eastdil Secured’s Adam Spies, Doug Harmon and Adam Doneger brokered the deal.

Stellar bought the two buildings for $200 million in 2012 with the intention of combining the neighboring structures. The developer reportedly poured $50 million into the buildings, creating a new shared lobby.  Last year, tenant Springer Science + Business Media, which occupies 100,000 square feet at 223 Spring, filed a suit against the developer to fight eviction.

Last week, marketing consulting firm DoubleVerify inked a five-year lease for 32,000 square feet at One Soho Square. The asking rent was $80 per square foot.  Other tenants include Managed by Q, Warby Parker and Aveda. [Crain’s]E.B. Solomont

Correction: An earlier version of this article misstated Rockpoint’s stake in the project. It was 25 percent. 

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