The Real Deal New York

Billy Macklowe, Principal Financial selling 186K sf Midtown office building

Partners bought 311 West 43rd Street for $107M in 2015
April 13, 2017 09:10AM

From left: 311 West 43rd Street and Billy Macklowe

Billy Macklowe and Principal Real Estate Investors are looking to sell a Midtown office building at 311 West 43rd Street.

The partnership purchased the 186,000-square-foot building in December 2015 for $107 million from Atlas Capital. The 43rd Street building is 90 percent occupied, according to Real Estate Alert. Last year, WeWork took 72,000 square feet on five upper floors of the building.

The deal was the second time Principal and Macklowe teamed up on an acquisition. In 2012, they paid $111.5 million for a 20-story office building at 386 Park Avenue South. They sold that property in January for $201.5 million.

Cushman & Wakefield is representing the joint venture.  [Real Estate Alert] — Kathryn Brenzel