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 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.