The Real Deal New York

Rockpoint Group lands $430M loan for
One Dag Hammarskjöld purchase

Wells Fargo, Brookfield Asset Management team up to finance $600M acquisition
By Rich Bockmann | January 09, 2019 08:30AM

One Dag Hammarskjöld,  Wells Fargo CEO Tim Sloan, and Rockpoint Group’s Paisley Boney (Credit: Wikipedia)

Rockpoint Group tapped Wells Fargo and Brookfield Asset Management to finance its $600 million purchase of the One Dag Hammarskjöld office tower in Midtown East.

Wells Fargo and Brookfield teamed up to provide Rockpoint with $430 million in debt to for its purchase of the 815,000-square-foot tower, sources told The Real Deal. The Boston-based private equity fund closed on its purchase of the 1970s-era building from Ruben Companies Tuesday.

Representatives for Rockpoint and the lenders could not be immediately reached for comment.

Cushman & Wakefield’s Gideon Gil negotiated the financing for Rockpoint. The Cushman team of Douglas Harmon, Adam Spies and Kevin Donner negotiated the sale of the building for Ruben. The brokers couldn’t be reached for comment.

Rockpoint Group has a track record of working with Wells Fargo. Last year, the lender provided Rockpoint and its partner Brooksville Company with a $502 million loan to finance their $905 million purchase of the massive Starrett City housing complex in East New York.

The San Francisco-based bank also provided Rockpoint with a $280 million loan in 2016 to acquire a pair of rental towers in the Financial District, and in late 2014 provided a $115 million to finance the purchase of the Wimbledon apartment building on the Upper East Side.

This sale the second deal between Rockpoint and Ruben Companies. Early last year, Ruben sold Rockpoint the office building at 1700 Broadway for $465 million. Cushman & Wakefield negotiated that sale as well.

One Dag Hammarskjöld sits just steps away from the United Nations complex, and counts a number of foreign missions and the UN’s pension fund as tenants. Other tenants at the 49-story tower at 885 Second Avenue include the law firm Wachtel Missry and Memorial Sloan-Kettering Cancer Center. The property stretches from East 47th to 48th streets.