Rockpoint pays $465M for 1700 Broadway

Ruben Companies is the seller of Midtown office building

1700 Broadway and Rockpoint's Bill Walton
1700 Broadway and Rockpoint's Bill Walton

Rockpoint Group bought the Midtown office tower 1700 Broadway, home to CBS, for $465 million.

The purchase price translates to a cap rate of 4 to 5 percent, Real Estate Alert reported. Ruben Companies, which developed the 42-story, 626,000-square-foot tower in 1968, is the seller. The company initially owned the leasehold and added the land under the building in 2016, paying the Schubert Foundation $280 million.

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Design firm Gensler occupies 120,000 square feet in the tower. CBS renewed its 48,000-square-foot lease last year. The tower sits across the street from the Ed Sullivan Theater, which CBS bought for $4 million in 1993.

Cushman & Wakefield’s Douglas Harmon, Adam Spies and Kevin Donner exclusively brokered the sale to Rockpoint. In partnership with Brooksville Company, Rockpoint is slated to close early this year on the $905 million purchase of the Starrett City housing complex. [REA] — Konrad Putzier

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