Blackstone looks to cash out at 1411 Broadway

New York /
May.May 16, 2012 11:00 AM

The Blackstone Group wants to unload its 51 percent stake in 1411 Broadway, Crain’s reported. The private equity firm has given the building’s co-owner, San Francisco-based Swig Company, an exclusive window to take the stake or find a partner.

Swig Company — which was founded by Kent Swig’s grandfather, but the financially troubled New York developer is not involved in its operations — developed the 40-story, 1.2 million-square-foot office tower between West 39th and West 40th streets in 1970 with Jack Weiler. Weiler sold his stake to Trizec Properties 27 years later, and Blackstone-led partnership bought out Trizec as part of a larger deal in 2006.

Crain’s said the property would likely attract several bidders due to the dearth of supply on the market, but questioned why Blackstone is pursuing a sale considering its recent maneuvers in nearby properties. It recently purchased 1040 Sixth Avenue Near 40th Street and the top floors of 229 West 43rd Street for $160 million. [Crain’s]


Related Articles

arrow_forward_ios
Silvercup Studios in Long Island City, NY (Getty)

The rise of soundstage real estate, by the numbers

The rise of soundstage real estate, by the numbers
Blackstone's Stephen Schwarzman and President Donald Trump (Getty)

Blackstone’s Schwarzman defends Trump on exec call

Blackstone’s Schwarzman defends Trump on exec call
Blackstone's Jonathan Gray, Madison Realty Capital's Josh Zegen (Getty; Madison; iStock)

Property debt investors raising money but still looking for distress

Property debt investors raising money but still looking for distress
Blackstone Group president Jonathan Gray (Getty)

Blackstone makes $1.2B deal with Brookfield for self-storage company

Blackstone makes $1.2B deal with Brookfield for self-storage company
Consumers are using streaming services more than ever, and data center real estate is booming (iStock)

Real estate for data centers is having a moment

Real estate for data centers is having a moment
Blackstone’s Stephen Schwarzman, Roku CEO Anthony Wood and Coleman Highline in San Jose (Blackstone; Wikipedia Commons; Coleman Highline)

Blackstone buys Roku’s Silicon Valley office buildings

Blackstone buys Roku’s Silicon Valley office buildings
Blackstone’s Kathleen McCarthy with 440 Saw Mill River Road, Ardsley, New York and 1000 Gateway Boulevard in San Francisco, California (left) (Blackstone; BioMed Realty)

Blackstone bets big on life-science buildings with $14.6B deal

Blackstone bets big on life-science buildings with $14.6B deal
Blackstone Real Estate Debt Strategies' Jonathan Pollack (Blackstone; iStock)

Blackstone assembles biggest real estate debt fund ever

Blackstone assembles biggest real estate debt fund ever
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...