Blackstone sells office tower at 44 Wall Street for $200M

Texas-based Gaedeke Group is the buyer; George Comfort & Sons will operate building

TRD New York /
Mar.March 11, 2020 12:45 PM
Blackstone's Jonathan Gray, Gaedeke Group's Sabine Gaedeke Stener and 44 Wall Street (Credit: Stener by Gaedeke Group; Gray by Drew Angerer/Getty Images, 44 Wall Street via Google Maps)

Blackstone’s Jonathan Gray, Gaedeke Group’s Sabine Gaedeke Stener and 44 Wall Street (Credit: Stener by Gaedeke Group; Gray by Drew Angerer/Getty Images, 44 Wall Street via Google Maps)

Dallas-based Gaedeke Group has purchased 44 Wall Street from Blackstone for $200 million, the company announced on Wednesday.

George Comfort & Sons will operate the building on Gaedeke’s behalf, and the firm also advised Gaedeke on the deal.

“This transaction serves as great entrée into the local market by a respected company, Gaedeke Group, and we are looking forward to working closely with them,” George Comfort CEO Peter Duncan said in a statement.

Blackstone declined to comment.

Finback Real Estate’s Michael O’Callaghan and Gentry Ashmore Hoit brokered the deal for Gaedeke, and Eastdil Secured’s Will Silverman and Hodges Ward Elliott’s Paul Gillen brokered the deal for Blackstone.

The building is located at the intersection of Wall Street and William Street in Lower Manhattan. It stands 24 stories tall and spans 354,000 square feet, and it is 84 percent occupied.

Blackstone had purchased 44 Wall Street in 2016 for $116.3 million from Norwegian investment firm Obligo as part of its $2.7 billion portfolio sale of assets in the U.S., Scandinavia, Germany and Latvia. The firm received $80 million in financing from Deutsche Bank for the deal.


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