The Real Deal New York

Eastgate buys out partner, nabbing full control at 875 Third

January 22, 2014 04:47PM

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From left: Eastdil's Adam Spies, 875 Third Avenue and Eastdil's Doug Harmon

From left: Eastdil’s Adam Spies, 875 Third Avenue and Eastdil’s Doug Harmon

Midtown-based landlord Eastgate Realty has paid nearly $100 million to acquire the remaining 20 percent stake in 875 Third Avenue, making the firm the sole owner of the 29-story building.

The company previously owned the 720,000-square-foot building with minority partner Miller Global Properties, whose 20 percent share Eastgate purchased to wrest full control. Occupying a full city block front between East 52nd and East 53rd streets, the office property has an estimated value of $475 million, according to Crain’s.

Eastdil Secured’s Doug Harmon, Adam Spies and Kevin Donner represented Miller Global in the sale — the latest for a trio that, so far this year, have brokered a sale at 401 West 14th Street and are marketing the office space at Vornado’s 1 Park Avenue. [Crain's]Julie Strickland

  • Sol Goldman

    So the firm that had the majority stake couldnt just talk to the firm with the minority stake? They needed to use a broker for this deal? Either we have morons or someone is getting a kickback.

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