Beacon Capital Partners is seeking to sell all or a partial stake in the News Corp. building at 1211 Sixth Avenue, one of the largest Midtown Manhattan office towers to hit the market since the economy turned in 2008, according to the Wall Street Journal. Eastdil Secured is slated to begin marketing the 2 million-square-foot building, between 47th and 48th streets, in the coming days.
Beacon is aiming to get “well north of $900 a foot” for the building, said Roy March, CEO of Eastdil, placing its value at more than $1.8 billion. It will determine whether to sell a stake or the entire building later in the process.
“I think we’ll find that both the financing markets and the equity markets will handle this readily,” he said.
Beacon bought the building for $1.52 billion in 2006. [WSJ]