Square Mile Capital sold its stake in the Factory Building in Long Island City to Partners Group and Atlas Capital Group in a deal valuing the property at $400 million, sources told The Real Deal.
Square Mile and Atlas previously owned a combined 51 percent stake in the 1 million-square-foot office-and-retail property, sources said. Atlas kept its interest and partnered with asset manager Partners Group to buy out Square Mile, increasing its overall stake in the property. Invesco Real Estate owns the remaining 49 percent.
Cushman & Wakefield’s Adam Spies, Doug Harmon and Adam Doneger advised Square Mile on the deal. They declined to comment, as did Atlas, Square Mile and Partners Group.
The three firms bought the building at 30-30 47th Avenue out of bankruptcy in 2013 at a $102 million valuation. In 2016, the partners refinanced the property with a $160 million loan from Blackstone Mortgage Trust. Tenants include Macy’s, Polo Ralph Lauren, Madewell and jewelry designer Starlight Designs, which signed a 17,000-square-foot lease last year.
Partners Group owns stakes in about 350 buildings worldwide totaling $8.4 billion in value, according to Real Capital Analytics, but has no known holdings in New York City.
Atlas sold two Chelsea rental buildings for $100 million last year.