The Real Deal New York

Jamestown looks to sell office tower at 1250 Broadway

39-story, 720K sf Koreatown property could fetch $600M: sources
By Mark Maurer | Twitter_logo_blue copy April 04, 2016 07:30PM

Jamestown NYC

1250 Broadway in Koreatown and Jamestown Properties’ Michael Phillips

On the heels of buying a 49 percent stake in Two Trophy Office Buildings On Madison Avenue, Jamestown Properties is looking to part ways with one on Broadway.

The real estate investment firm is looking to sell a 39-story, 721,000-square-foot office tower at 1250 Broadway, located between West 31st and 32nd streets in Koreatown, according to marketing materials obtained by The Real Deal.

Sources said it is expected to sell for about $600 million, or north of $800 per square foot.

Eastdil Secured’s Doug Harmon and Adam Spies, who are marketing the property, declined to comment. A representative for Jamestown could not be reached.

The glass-and-steel Class A tower is 84 percent occupied and has floor plates as big as 26,500 square feet. The Visiting Nurse Service of New York, a nonprofit, is the building’s largest tenant, at 320,000 square feet across 15 floors. That lease expires December 2018, the marketing materials show.

Leases for more than 440,000 square feet of space are set to expire in the next five years, documents show.

After Jamestown and Murray Hill Properties bought the building from SL Green Realty for $310 million in 2008, they pumped $3 million into a renovation designed to attract tech tenants, which now include Varonis Systems, Rocket Fuel and Piksel.

Murray Hill Properties currently manages the property, but no longer appears to hold an ownership stake.

Earlier this year, Jamestown acquired a 49 percent stake in 63 and 200 Madison Avenue from George Comfort & Sons and Loeb Partners Realty, in a deal that valued those properties at a combined $1.15 billion. The purchase was one of the largest investment sales transactions of the year so far.

Adam Pincus contributed reporting.