Rockpoint pays $465M for 1700 Broadway

Ruben Companies is the seller of Midtown office building

TRD New York /
Jan.January 23, 2018 06:10 PM

1700 Broadway and Rockpoint’s Bill Walton

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

Related Articles

An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

The Coca-Cola building at 711 5th Avenue (Credit: Google Maps and iStock)

Flipped off: The inside story of Coca-Cola’s botched building sale

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Fisher Brothers' Winston Fisher and 55 East 52nd Street (Credit: Getty Images)

Airbnb investor takes more pricey office space on Park Avenue

Embattled Prodigy Network CEO Rodrigo Niño to step down

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation