Rockpoint Group bought the Midtown office tower 1700 Broadway, home to CBS, for $465 million.
The purchase price translates to a cap rate of 4 to 5 percent, Real Estate Alert reported. Ruben Companies, which developed the 42-story, 626,000-square-foot tower in 1968, is the seller. The company initially owned the leasehold and added the land under the building in 2016, paying the Schubert Foundation $280 million.
Design firm Gensler occupies 120,000 square feet in the tower. CBS renewed its 48,000-square-foot lease last year. The tower sits across the street from the Ed Sullivan Theater, which CBS bought for $4 million in 1993.
Cushman & Wakefield’s Douglas Harmon, Adam Spies and Kevin Donner exclusively brokered the sale to Rockpoint. In partnership with Brooksville Company, Rockpoint is slated to close early this year on the $905 million purchase of the Starrett City housing complex. [REA] — Konrad Putzier