Thor to sell stake in 875 Washington to partner ASB
Deal would value the Meatpacking District office-and-retail building at $130M
Thor Equities is in contract to sell its stake in 875 Washington Street to the building’s co-owner, ASB Real Estate Investments’ [TRDataCustom] Allegiance Real Estate Fund, sources told The Real Deal.
The transaction would value the Meatpacking District property at about $130 million, or $2,166 per square foot, a nearly 35 percent premium over the $96.5 million the partnership paid for the property in 2013. Thor’s specific stake in the property was not clear.
A spokesperson for Thor declined to comment and an ASB spokesperson was not immediately reachable.
The five-story, 60,000-square-foot building, between West 13th and 14th streets, has an office and retail component. Retail tenants include perfume store Bond No. 9 and jeans shop Paige Premium Denim.
Last week, GreenOak Real Estate bought Thor out of three rental buildings on the Upper West Side in a deal valuing them at $190 million combined.
Mark Maurer contributed reporting.
(To view more of Thor Equities’ commercial sales transactions, click here)