The Real Deal New York

Boston-based TA Realty picks up
Diamond District building for $40M

The building 1200 Sixth Avenue has 22K sf of air rights
April 21, 2017 11:00AM

Boston-based asset manager TA Realty bought a six-story building at 1200 Sixth Avenue for $40 million, or $1,861 per square foot.

The building has 21,492 square feet, the New York Post reported, citing sources. It’s been owned by two families since 1984, and comes with 22,300 square feet of air rights, according to the newspaper. Darcy Stacom of CBRE marketed the building on behalf of the sellers.

Tenants in the building include a Pret A Manger and jewelers, and it is currently 70 percent leased.

This is the first time TA Realty has invested in the city. The company is owned by Rockefeller Group International, a subsidiary of Mitsubishi Estate Company.

TA Realty has acquired, invested and managed more than $26 billion in real estate since 1982, according to the website. This month, the company sold a 45-asset portfolio to Brookfield Asset Management for $854.5 million. The assets are in Los Angeles, Dallas, Chicago and Washington D.C. and Miami-Dade.

In March, the firm bought a 145,800-square foot warehouse in the the Florida town of Davie for $22 million. [NYP]Miriam Hall