The Real Deal New York

Sports Illustrated building share sells for $56M to real estate investor entity

September 02, 2010 04:30PM
By Adam Pincus

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Sports Illustrated building at 135 West 50th Street

An entity affiliated with real estate investor the Wolfson Group paid $56 million for a minority interest in the Midtown office building at 135 West 50th Street, known as the Sports Illustrated building.

The Wolfson Group affiliate bought a 43 percent interest in the 23-story building from the Peter Jay Sharp Foundation, a charity named for the former Manhattan hotel developer, city records published Tuesday show.

The approximately 800,000-square-foot building is owned by a fund managed by UBS Realty Investors, which purchased it in 2006 for $332 million from Murray Hill Properties.

The building has a 31 percent availability rate, with much of that sublease space from financial firm AllianceBernstein, CoStar Group data show.

The Wolfson Group, UBS and the Sharp foundation did not immediately respond to calls for comment.

The Wolfson Group owns properties such as 25 Broadway and 1 State Street Plaza at 44 Whitehall Street, both in Lower Manhattan, city property records show.

Sharp, who died in 1992, owned high-profile properties in the city such as the Carlyle Hotel and built a number of office buildings in Manhattan including 450 Park Avenue.

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