Blackstone looking to sell 114 West 41st

The 22-story office building has an unofficial $300M price tag: sources

New York /
Jun.June 21, 2018 03:52 PM

Lisa Picard and 114 West 41st Street (Credit: Twitter and 114w41)

UPDATED, 11:20 a.m., June 25: A subsidiary of Blackstone Group is putting another one of its office buildings near Bryant Park on the block.

EQ Office, an office landlord formerly known as Equity Office, hired Newmark Knight Frank to lead the sale effort for its 22-story, 350,000-square-foot property at 114 West 41st Street, sources told The Real Deal. Sources added the building has an unofficial asking price of about $300 million, or about $870 per square foot.

Newmark Knight Frank’s Jimmy Kuhn, David Colen and Edward “Woody” Maher are marketing the property on the behalf of the owner. A Blackstone spokesperson could not be immediately reached, and Newmark declined to comment.

EQ Office has owned the property since late 2014, when it paid $165.7 million to Leon Charney’s L.H. Charney & Associates. The building, located between Broadway and Sixth Avenue, is home to cloud-based commercial real estate startup VTS, Roku and digital health care startup ContextMedia:Health.

Blackstone, the private-equity giant led by Stephen Schwarzman, closed last month on the $640 million sale of 5 Bryant Park to Savanna, after a two-year off-and-one search for a buyer. The price per foot was $980. The firm also sold 3 Bryant Park to Ivanhoe Cambridge and Callahan Capital Properties for $2.2 billion, or about $1,000 a foot. Hong Kong’s central bank has since acquired a stake in that building.

EQ Office has been shifting its focus toward co-working, having recently partnered with Industrious to upgrade its buildings’ workspace areas. Besides the 41st Street building, EQ Office’s remaining New York holdings include Park Avenue Tower at 65 East 55th Street; 1740 Broadway; and 44 Wall Street.

Elsewhere in the area, Bank of China is in talks to pay $200 million for the land beneath 7 Bryant Park, for which it owns the leasehold.


Related Articles

arrow_forward_ios
Gopuff co-CEO Rafael Ilishayev (Gopuff, iStock)
Gopuff scaling back warehouse footprint amid rapid-delivery slowdown
Gopuff scaling back warehouse footprint amid rapid-delivery slowdown
Incoming WeWork CFO Andre Fernandez (WeWork, iStock)
WeWork names new CFO
WeWork names new CFO
Brian R. Steinwurtzel and 100 Pearl Street (GFP Real Estate, LoopNet, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Squash club starting a racket at 100 Pearl Street office tower
Squash club starting a racket at 100 Pearl Street office tower
Upflex co-founders Christophe Garnier and Ginger Dhaliwal (Upflex, LinkedIn/Ginger Dhaliwal, iStock)
Upflex raises $30M, signaling rise of flex-office aggregators
Upflex raises $30M, signaling rise of flex-office aggregators
Vorea Principal's Peter Papamichael with 10-04 Borden Ave (Vorea Group, iStock)
Skydiver lands first NYC location in Long Island City
Skydiver lands first NYC location in Long Island City
Two Trees Management's Jed Walentas and 50 West 23rd Street (Walentas/via Marc Skrivo, Google Maps, iStock)
Trustpilot takes 34k sf at Two Trees’ Midtown South building
Trustpilot takes 34k sf at Two Trees’ Midtown South building
Bruce Brickman and 35-11 9th Street (Young Jewish Professionals, Google Maps)
Astoria cigar factory converted to offices highlighted NYC i-sales last week
Astoria cigar factory converted to offices highlighted NYC i-sales last week
BlackRock's Larry Fink, with 98 Riverside Drive (BlackRock)
BlackRock sells stabilized UWS rental for $90M after landmark designation
BlackRock sells stabilized UWS rental for $90M after landmark designation
arrow_forward_ios

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

Loading...