Silverstein Properties bought a majority stake in the Movielab building at 619 West 54th Street from Taconic Investment Partners. The deal values the office building at more than $180 million.
Taconic will keep a 10 percent stake, the New York Post reported. The company bought the 325,000-square-foot, 10-story building for $112 million in 2012 and renovated it.
Tenants include a Volvo dealership on the ground floor, and a mix of medical and research groups, including the New York Stem Foundation, the Rogosin Institute and the Roosevelt Surgery Center. Asking rent is in the high $60s per square foot on the upper floors and in the high $50s per square foot on the lower floors, The Real Deal reported in April.