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New York

Times Square Candler Tower trades hands

Candler Tower
Candler Tower

Real estate investment and management firm Paramount Group has sold the 228,000-square-foot Candler Tower in Times Square, the company said in a release today.

The Class A office tower, located at 220 West 42nd Street between Seventh and Eighth avenues, is net leased to concert promoter Live Nation. Although the financial terms of the deal were not disclosed, previous reports indicated that the sale of the 25-story property was thought to bring in $200 million.

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The buyer was Epic LLC, which appears to be run by Steve Elghanayan and his brother, Michael, cousins of the Elghanayans who operate TF Cornerstone and Rockrose, based on previous reports.

Paramount Group was represented in-house by Dan Lauer. The buyer’s broker was not disclosed. — Zachary Kussin

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