New York investor snaps up Mobil building for over $900M

David Werner snags trophy tower one month after it hit the market

TRD New York /
Apr.April 17, 2014 09:30 AM

New York investor David Werner is in contract to purchase the trophy Mobil building on East 42nd Street for more than $900 million.

Werner snagged the 42-story tower at 150 East 42nd Street, built in the 1950s, from seller Hiro Real Estate LLC, according to the Wall Street Journal. Goldman Sachs Group was also instrumental in the sale, because it holds a significant chunk of debt on the building, people familiar with the deal told the Journal.

The 1.8 million-square-foot property was listed for sale last month by Eastdil Secured, with brokers Douglas Harmon and Adam Spies handling the listing. Current tenants include Wells Fargo and Mount Sinai Medical Center, which inked a 450,000-square-foot lease at the building’s base earlier this year.

Harrison & Abramovitz designed the stainless steel structure in the 1950s, to be the headquarters of what was then the Socony Mobil Oil Company, now Exxon Mobil. Japanese investor Hiro, controlled by Japan’s Honzawa brothers, purchased the tower in 1987.

Werner, who has been an active player in New York City real estate for over 20 years, purchased the Newsweek building at 1775 Broadway in 1999 and is currently in talks to pick up 5 Times Square for more than $1.5 billion, sources familiar with the matter told the Journal. Eastdil’s Douglas Harmon is the broker in that deal as well. [WSJ]Julie Strickland


Related Articles

arrow_forward_ios
Roy March, Eastdil Secured CEO

Eastdil Secured makes staffing cuts

Eastdil Secured makes staffing cuts
2 Grand Central and from left Rockwood Capital's Walter Schmidt, Robert Gray and Peter Falco (Credit: iStock)

Rockwood looks to get nearly $600M for Grand Central office tower

Rockwood looks to get nearly $600M for Grand Central office tower
Clockwise from left: JLL's Michele Mahl, Savills' Peter Hennessy, Eastdil Secured's Will Silverman, Christie’s Brian Meier, Nest Seekers' Mike Fabbri and Compass' Charlie Attias 

These were the biggest broker comings and goings of 2019

These were the biggest broker comings and goings of 2019
Jonathan Firestone (Photo credit: Eastdil Secured)

Top Eastdil broker in LA heads to NY to boost capital markets team

Top Eastdil broker in LA heads to NY to boost capital markets team
65 East 55th Street and EQ Office CEO Lisa Picard (Credit: Park Avenue Tower and VTS)

Blackstone looks to sell Park Ave Tower for more than $800M

Blackstone looks to sell Park Ave Tower for more than $800M
Brett Siegel, Jean Celestin, and Evan Layne with Newmark Knight Frank offices at 125 Park Avenue (Credit: LinkedIn and Google Maps)

Newmark poaches Eastdil Secured sales team

Newmark poaches Eastdil Secured sales team
Rudy Giuliani and wife list Palm Beach condo amid nasty divorce

Rudy Giuliani and wife list Palm Beach condo amid nasty divorce

Rudy Giuliani and wife list Palm Beach condo amid nasty divorce
From left: Wells Fargo CEO Timothy Sloan, Eastdil Secured CEO Roy March, Temasek CEO Ho Ching and Guggenheim president Jerry Miller (Credit: Getty Images)

Eastdil finalizes buyout deal with Guggenheim, Singaporean investment firm

Eastdil finalizes buyout deal with Guggenheim, Singaporean investment firm
arrow_forward_ios

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

Loading...