Unizo in talks to buy 685 Third for $450M

Japanese firm is negotiating with the seller, TH Real Estate

New York /
Aug.August 17, 2017 05:05 PM

Unizo Holdings Company is in advanced talks to buy the 27-story Midtown office building at 685 Third Avenue at a price somewhere around $450 million.

The Japanese investment firm is negotiating to acquire the building from TH Real Estate, the real estate arm of the investment firm formerly known as TIAA-CREF, for roughly $700 per square foot, Crain’s reported. That works out to a purchase price of approximately $450 million for the 646,422-square-foot tower.

A source told the publication that the deal is not finalized and it is possible another buyer could end up purchasing the tower.

Darcy Stacom and Bill Shanahan of CBRE are marketing the property for TH Real Estate. They both declined to comment, and representatives for Unizo did not immediately respond to requests from Crain’s.

TH Real Estate bought the building from the pharmaceutical company Pfizer during the depths of the recession in 2010 for $190 million.

Unizo, which changed its name from Jowa Holdings, recently purchased 370 Lexington Avenue, 440 Ninth Avenue and a pair of buildings near Madison Square Park. [Crain’s] Rich Bockmann


Related Articles

arrow_forward_ios
Aby Rosen dodges liability at Gramercy Park Hotel
Aby Rosen dodges liability at Gramercy Park Hotel
Aby Rosen dodges liability at Gramercy Park Hotel
NYCB CEO Thomas Cangemi (Getty, Cangemi)
NYCB says multifamily loans in good shape, not endangered by rent law
NYCB says multifamily loans in good shape, not endangered by rent law
2 N Lasalle Street & 200 W Jackson Boulevard in Chicago (us.jll.com, hearncompany.com)
NY’s Foundation Capital, Nightingale aim to buy Loop office towers
NY’s Foundation Capital, Nightingale aim to buy Loop office towers
Padel (it’s a sport!) club to open in Brooklyn warehouse
Padel (it’s a sport!) club to open in Brooklyn warehouse
Padel (it’s a sport!) club to open in Brooklyn warehouse
Food52 CEO Amanda Hesser, Rudin Management president Eric Rudin and 1 Dock 72 Way in Brooklyn (Getty, Rudin)
Rudin’s Dock 72 notches Food52 as second tenant
Rudin’s Dock 72 notches Food52 as second tenant
Will 10 new towers pay for Penn Station?
MTA chair: 10 new towers may not fund Penn Station expansion
MTA chair: 10 new towers may not fund Penn Station expansion
Landlords who lease to ESG outcasts face new stigma
Moral hazard: Landlords face new scrutiny about tenant mix
Moral hazard: Landlords face new scrutiny about tenant mix
WhyHotel opening living space at Rudin’s 110 Wall Street
WhyHotel opening living space at Rudin’s 110 Wall Street
WhyHotel opening living space at Rudin’s 110 Wall Street
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...