A partnership between the California Public Employees’ Retirement System, the largest private pension fund in the U.S., and investment management company GID is in contract to sell an Upper East Side rental complex for approximately $240 million, The Real Deal has learned.
O’Connor Capital Partners, led by Cushman & Wakefield alumnus Glenn Rufrano, inked a contract to buy the 241,000-square-foot building at 200 East 62nd Street, in a deal financed by private equity firm the Blackstone Group’s debt platform.
Sources said O’Connor outbid investors such as Miami-based Bruce Menin to buy the property, which traded for a heftier price tag than expected.
The deal was brokered by Jeff Bastow and Mark DeLillo of BlueGate Partners.
CalPERS and financial services giant BlackRock bought the building as part of a two-property package, which included 165 East 66th Street, in 2006. They paid $173 million for 200 East 62nd Street and $154 million for the 66th Street building, the latter of which was sold for $230 million last year to Menin’s Crescent Heights. GID later took over management of the projects from BlackRock in 2010.
Blackstone declined to comment on the deal, while a spokesperson for O’Connor was not immediately available for comment.
The property has 115 apartments in all, which range from one-bedroom to four-bedroom layouts. The building also has a fitness center and on-site parking.