Silverstein is buying ABC’s Upper West Side campus for $1B: report
Industry insiders have speculated Walt Disney’s merger with 21st Century Fox could cause RE shakeout
Silverstein Properties is in contract to pay more than $1 billion to buy the Upper West Side headquarters of the American Broadcasting Company amid its parent company’s acquisition of 21st Century Fox.
Larry Silverstein’s firm hammered out a deal with ABC’s parent company, the Walt Disney Company, to buy the broadcaster’s headquarters, which includes several buildings along West 66th Street between Central Park West and Columbus Avenue, the Commercial Observer reported.
Sources told the CO that the Related Companies had also put a bid in on the deal, which is being brokered by Eastdil Secured.
Rumors have been swirling since December when Disney announced it would acquire 21st Century Fox and its assets for $52 billion that the merger would cause a shakeout of the companies’ real estate holdings.
Disney had approached other investors such as the Durst Organization about buying ABC’s properties, according to the CO.