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


Related Articles

arrow_forward_ios
From left: Meadow Partners' Jeff Kaplan and Davean Holdings' Sean Lefkovits (Meadow Partners, Davean Holdings, Getty)
Meadow, Davean pick up 12 apartment properties for $77M
Meadow, Davean pick up 12 apartment properties for $77M
Starwood’s Barry Sternlicht and Blackstone’s Stephen Schwarzman (Illustration by The Real Deal with Getty Images)
Regulators weighing new rules for non-traded REITs
Regulators weighing new rules for non-traded REITs
The Gregory Hotel in the Garment District (Google Maps, Illustration by The Real Deal with Getty)
Booze bandits: Restaurant claims Gregory Hotel owners stole liquor
Booze bandits: Restaurant claims Gregory Hotel owners stole liquor
Meadow Partners' Jeffrey Kaplan and 305 East 11th Street/310 East 12th Street (Meadow Partners, Getty, Google Maps)
Meadow Partners buys two East Village rental buildings
Meadow Partners buys two East Village rental buildings
From left: Meadow Partners' Jeff Kaplan and Northwind Group's Ran Eliasaf along with 175 West 95th Street (Meadow Partners, Northwind Group, Douglas Elliman, iStock)
Glacier and Meadow nab $45M condo inventory loan
Glacier and Meadow nab $45M condo inventory loan
Capstone Equities' Joshua Zamir and Renwick Hotel at 118 East 40th Street (TripAdvisor)
New owner Capstone revives Midtown’s Renwick Hotel
New owner Capstone revives Midtown’s Renwick Hotel
Jeff Aronson (iStock, Jeff Aronson, CC BY-SA 2.0, via Wikimedia Commons/Photo Illustration by Steven Dilakian for The Real Deal)
Centerbridge closes $2B real estate fund
Centerbridge closes $2B real estate fund
New data platform finds hot housing markets while they’re still just warm
New data platform finds hot housing markets while they’re still just warm
New data platform finds hot housing markets while they’re still just warm
arrow_forward_ios

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

Loading...