Northwood pays $150M for FiDi office tower

New York /
Aug.August 20, 2013 08:30 AM

Northwood Investors, the owner of the New York Palace Hotel, has paid $150 million for an office building at 100 Broadway in the Financial District, the New York Post reported.

The 24-story, 380,000-square-foot tower was built in 1897 and sold for a shade under $400 per square foot. The seller was a joint venture headed up by Meadow Partners and Madison Capital. Asking rents at the building are in the high $30s, and the occupancy rate is just under 90 percent, according to the newspaper.

The deal was brokered by Brookfield Financial’s Chris Wilson, who declined to confirm the price but told the Post that Northwood tends to make acquisitions with a “long-term perspective” in mind.

The joint venture had paid $115 million for the building in October 2011. They also recently sold a 92 percent stake in 655 Fifth Avenue to Vornado Realty Trust for $278 million. [NYP]  – Hiten Samtani


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