The Real Deal New York

California firm to buy Billy Macklowe’s Midtown office tower for $130M

Billy Macklowe and Principal Real Estate Investors are selling 311 West 43rd Street to DivcoWest
December 05, 2018 10:00AM

Billy Macklowe and 311 West 43rd Street

Billy Macklowe and a partner are in contract to sell a 186,000-square-foot Midtown office tower to a Californian real estate investment firm for $130 million, according to a new report.

San Francisco-based DivcoWest is expected to purchase the 15-story office building at 311 West 43rd Street, according to the New York Post. A Cushman & Wakefield team led by Adam Spies is marketing the property.

Macklowe’s firm William Macklowe Co. and Principal Real Estate Investors have been trying to sell the Midtown office building since April 2017. The partnership purchased it in 2015 for $107 million from Atlas Capital.

During that time, WeWork took a 64,000 square foot space in the building in 2016.  The 186,000-square-foot Cantonese restaurant Hakkasan occupies the ground-floor retail space. [NYP] — David Jeans