A German real estate investment firm acquired a 17,000-square-foot retail space at the base of an upcoming Times Square hotel from Highgate holdings and Walton Street Capital for $80 million.
The ground-floor space purchased by GLL Real Estate Partners is under construction. The hotel, the Hilton Garden Inn at 140 West 42nd Street, will rise 38 stories. Doug Harmon and Adam Spies, both of Eastdil Secured, brokered the retail deal.
Highgate and Walton had owned the site and sold it shortly after hotel construction began in 2012. Diamond Rock Hospitality bought it for $125 million.
In September, GLL Real Estate Partners paid Centurion Real Estate Partners $53 million for a parking garage in Battery Park City, as The Real Deal reported.