Clarion Partners buys Bryant Park-area office building from EQ Office for $282M

Seller pumped $30M into property it purchased for $166M in 2014

From left: 114 West 41st Street, Clarion Partners' David Gilbert, and EQ Office's Lisa Picard (Credit: Clarion and VTS)
From left: 114 West 41st Street, Clarion Partners' David Gilbert, and EQ Office's Lisa Picard (Credit: Clarion and VTS)

The Blackstone Group sold one of its Bryant Park-area office buildings in a $282 million deal with Clarion Partners.

Blackstone’s EQ Office subsidiary sold the nearly 350,000-square-foot office-and-retail building at 114 West 41st Street to the Park Avenue-based investors, brokers who negotiated the deals said.

The sale works out to slightly more than $800 per square foot.

Newmark Knight Frank’s Edward “Woody” Maher, who worked on the brokerage team that marketed the building for EQ Office, said the property appeals to “fast-growing TAMI tenants that are currently flocking to Bryant Park.”

Tenants include streaming-television company Roku, Quartet Health, real estate-technology company View the Space, Kensington Publishing, advertising agency SpotCo and the New York headquarters of fashion brand Guess.

MetLife provided Clarion with a $141 million loan to finance the purchase. Jordan Roeschlaub and Dustin Stolly, co-heads of Newmark’s debt and structured-finance group, arranged the loan with their colleagues Nick Scribani, Chris Kramer and Stephen Feinberg.

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Newmark’s James Kuhn, David Colen and Jim Tribble worked on the team that marketed the property, which went up for sale in June.

EQ Office previously put in $30 million in capital improvements to reposition the property, which the landlord purchased in late 2014 from Leon Charney’s L.H. Charney & Associates for $165.7 million.

EQ office has been selling off its properties around Bryant Park. The company in May sold the 34-story, 665,000-square-foot 5 Bryant Park to Savanna for $640 million.

In 2015, EQ Office – formerly known as Equity Office Properties – sold 3 Bryant Park to Ivanhoe Cambridge and Callahan Capital Properties for $2.2 billion.

Clarion Partners, meanwhile, recently teamed up with Taconic Investment Partners to buy a pair of multifamily buildings in the Bronx for $427.8 million.