The Real Deal New York

NY REIT taps two brokerages to market office tower 1440 Broadway

CBRE joins Eastdil in effort to sell the 749K sf property
August 23, 2017 08:00AM

1440 Broadway

New York REIT has tapped CBRE to help market 1440 Broadway alongside Eastdil Secured.

The real estate investment trust, which is in the process of selling its 4.4 million-square-foot portfolio as part of the company’s liquidating, brought CBRE on board to market the 749,000-square-foot building, Real Estate Alert reported. The marketing campaign is expected to launch after Labor Day.

This is the second property that NYRT has paired CBRE with Eastdil, two brokerages that don’t usually tag team major investment sales listings. The two brokerages are also jointly marketing One Worldwide Plaza, a 1.8 million-square-foot office tower. RXR Realty and SL Green are in advanced talks to buy a 49 percent stake in the property.

The Broadway property is expected to fetch $775 per square foot or $580 million. NYRT purchased the building in 2013 from Rockpoint Group and Monday Properties, paying $530 million.

Earlier this month, NYRT sold 50 Varick Street for $135 million, the first deal to close since the company started liquidating.

In the first half of the year, Eastdil held on to the top spot as the most active office investment sales brokerages in the U.S. Its market share slid after the exit of two top brokers, Doug Harmon and Adam Spies, late last year.The firm did $11.8 billion in office property deals in the U.S. between January and July, ahead of CBRE with $8.87 billion. CBRE, however, was the top firm in New York City with $2.98 billion in office deals. [REA] — Kathryn Brenzel