Silverstein is buying ABC’s Upper West Side campus for $1B: report

Industry insiders have speculated Walt Disney’s merger with 21st Century Fox could cause RE shakeout

New York /
Apr.April 06, 2018 03:35 PM

77 West 66th Street and Larry Silverstein (Credit: Getty Images)

Silverstein Properties is in contract to pay more than $1 billion to buy the Upper West Side headquarters of the American Broadcasting Company amid its parent company’s acquisition of 21st Century Fox.

Larry Silverstein’s firm hammered out a deal with ABC’s parent company, the Walt Disney Company, to buy the broadcaster’s headquarters, which includes several buildings along West 66th Street between Central Park West and Columbus Avenue, the Commercial Observer reported.

The package includes the 22-story, 420,000-square-foot 77 West 66th Street, and will also likely include 47 West 66th Street, which covers three adjacent buildings spanning 316,000 square feet.

Sources told the CO that the Related Companies had also put a bid in on the deal, which is being brokered by Eastdil Secured.

Rumors have been swirling since December when Disney announced it would acquire 21st Century Fox and its assets for $52 billion that the merger would cause a shakeout of the companies’ real estate holdings.

Disney had approached other investors such as the Durst Organization about buying ABC’s properties, according to the CO.

Disney sold $55 million worth of air rights last year to Extell Development for its planned 69-story, 775-foot-tall residential building at 50 West 66th Street. [CO]Rich Bockmann


Related Articles

arrow_forward_ios
Two years after its IPO fail, WeWork will go public
Two years after its IPO fail, WeWork will go public
Two years after its IPO fail, WeWork will go public
Marcus & Millichap says it was the target of a cyber attack
Marcus & Millichap says it was the target of a cyber attack
Marcus & Millichap says it was the target of a cyber attack
2307 Beverley Road in Flatbush, Brooklyn (Getty)
Sears closing up shop in New York City
Sears closing up shop in New York City
All Storage CEO Jay Schuminsky and CBRE CEO Bob Sulentic (All Storage, CBRE)
All Storage courts $1B-plus sale with CBRE
All Storage courts $1B-plus sale with CBRE
Getting orders to doorsteps in as little as 15 minutes requires companies to lease lots of space close to customers in targeted markets. (iStock)
Rapid-delivery startups gobble up space in NYC
Rapid-delivery startups gobble up space in NYC
The Centre at Purchase at 1, 2, 3, 4 Manhattanville Road with George Comfort & Sons CEO Peter Duncan (George Comfort & Sons)
Westchester office park owned by George Comfort & Sons slated for auction
Westchester office park owned by George Comfort & Sons slated for auction
Attorney General Letitia James and A&E Real Estate CEO James Patchett (Getty, iStock)
A&E pays just $510K in lead-paint settlement
A&E pays just $510K in lead-paint settlement
Seeding from recapitalization of 25 health care properties
KKR, Cornerstone in $1B JV to develop health care facilities
KKR, Cornerstone in $1B JV to develop health care facilities
arrow_forward_ios

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

Loading...