UBS real estate fund to take stake in Americas Tower

Silverstein and CalSTRS paid $1B for 50-story Midtown office building in 2007

TRD New York /
Dec.December 03, 2014 03:35 PM

A real estate fund managed by UBS Global Asset Management is in contract to purchase a minority stake in Silverstein Properties and the CalSTRS pension fund’s Americas Tower in Midtown West, The Real Deal has learned. 

The Swiss financial services giant is acquiring the stake in the 975,000-square-foot tower, between West 45th and 46th streets, for an unspecified price. The size of the minority stake could not be confirmed. A spokesperson for CalSTRS said the pension fund’s 47.5 percent interest is not expected to change.

No brokers were involved on either side of the deal, sources said.

Silverstein and California State Teachers’ Retirement System jointly acquired the tower from the Paramount Group in 2007 for roughly $1 billion, as previously reported.

News of the sale was first reported by Real Estate Alert. The landlords are seeking a $360 million loan as they work to restructure the building’s mix of debt and equity.

Representatives for UBS and Silverstein declined to comment.

Constructed in 1992, the Class A office property is 92 percent occupied, according to Real Capital Analytics data. The tower underwent a renovation in 2012.

Tenants include law firm Kramer Levin Naftalis & Frankel, Bank Hapoalim, the nonprofit Practising Law Institute and global asset management firm Aviva Investors America. Aviva signed a lease last month for a nearly 12,000-square-foot space with an asking rent of $80 per square foot, as previously reported.


Related Articles

arrow_forward_ios
529 Fifth Avenue and Silverstein Properties' Larry Silverstein (Google Maps; Getty)

Silverstein gets $171M refi for 529 Fifth Avenue

Silverstein gets $171M refi for 529 Fifth Avenue
“I believe in the future of Downtown Los Angeles”: Silverstein closes US Bank Tower buy

“I believe in the future of Downtown Los Angeles”: Silverstein closes US Bank Tower buy

“I believe in the future of Downtown Los Angeles”: Silverstein closes US Bank Tower buy
Silverstein Properties chairman Larry Silverstein (Getty)

Silverstein Properties raises $30M on Israeli bond market

Silverstein Properties raises $30M on Israeli bond market
US Bank Tower at 633 West Fifth Street and Silverstein Properties' Larry Silverstein (Getty, Wikipedia Commons)

Silverstein Properties confirmed as buyer of LA’s US Bank Tower

Silverstein Properties confirmed as buyer of LA’s US Bank Tower
Larry Silverstein of Silverstein Properties with renderings of the project (Getty, ODA)

Silverstein, Kaufman plan $2B Queens development

Silverstein, Kaufman plan $2B Queens development
Brookfield Property Partners' Brian Kingston, Silverstein Properties' Larry Silverstein and Empire State Realty Trust's Anthony Malkin (Getty)

Real estate firms lead cautious return to NYC offices

Real estate firms lead cautious return to NYC offices
19-23 St. Mark’s Place with Andy Warhol (Credit: Google Maps; Warhol by Mark Sink / Corbis via Getty Images)

Former Andy Warhol nightclub sold to UBS for $35M

Former Andy Warhol nightclub sold to UBS for $35M
Silverstein Properties CEO Marty Burger and a microscopic view of Covid-19 (Credit: Ilya S. Savenok/Getty Images, CDC)

“We can’t be everybody’s bank”: Marty Burger on how Silverstein is working with tenants and his Covid-19 recovery

“We can’t be everybody’s bank”: Marty Burger on how Silverstein is working with tenants and his Covid-19 recovery
arrow_forward_ios

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

Loading...