CIM Group entered contract Wednesday to acquire the Midtown office building at New York REIT’s 1440 Broadway for $520 million, according to sources and the seller.
The 25-story, 749,000-square-foot property is the latest asset in New York REIT’s liquidation process to go into contract for sale. The building is 40 percent leased, sources said, and the Los Angeles-based buyer plans to focus on leasing the remainder of the space.
The deal is expected to close before the end of the year, the REIT said.
New York REIT first hired Eastdil Secured to market the property for sale earlier this year, and then added CBRE’s Darcy Stacom and Bill Shanahan to co-broker it in August. The brokerages also teamed up to market One Worldwide Plaza, in which SL Green Realty and RXR Realty bought a 49 percent stake last month. The stake sale valued that tower at $1.7 billion.
Kathryn Brenzel contributed reporting.