Stellar buys out Rockpoint at One Soho Square in $650M deal

Larry Gluck-led firm had a 75 percent stake

TRD New York /
Aug.August 15, 2016 03:12 PM

Larry Gluck’s Stellar Management has bought out former partner the Rockpoint Group and brought on a new investor at One Soho Square in a deal that values the office-and-retail project at $650 million.

Stellar TRData LogoTINY purchased Rockpoint’s 25 percent interest in the 750,000-square-foot project, giving the Boston-based firm $260 million for its interest, according to Crain’s.  Imperium Capital is also a minority partner in the project, which is comprised of two neighboring buildings at 223 Spring Street and 161 Sixth Avenue. A representative for Imperium refused to comment.

Eastdil Secured’s Adam Spies, Doug Harmon and Adam Doneger brokered the deal.

Stellar bought the two buildings for $200 million in 2012 with the intention of combining the neighboring structures. The developer reportedly poured $50 million into the buildings, creating a new shared lobby.  Last year, tenant Springer Science + Business Media, which occupies 100,000 square feet at 223 Spring, filed a suit against the developer to fight eviction.

Last week, marketing consulting firm DoubleVerify inked a five-year lease for 32,000 square feet at One Soho Square. The asking rent was $80 per square foot.  Other tenants include Managed by Q, Warby Parker and Aveda. [Crain’s]E.B. Solomont

Correction: An earlier version of this article misstated Rockpoint’s stake in the project. It was 25 percent. 

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