Major commercial real estate players are continuing to play hot potato with a Class A office building in the Meatpacking District.
Invesco has tapped Eastdil Secured to shop the leasehold on 430 West 15th Street, a fully leased 100,000-square-foot converted parking garage that the investment management giant acquired in 2018, according to marketing materials viewed by The Real Deal.
Invesco is seeking upwards of $90 million, according to sources familiar with the listing — far less than the $150 million it reportedly paid for the lease five years ago.
The building’s current tenant — Live Nation — occupies all eight stories and 100,000 on a sublease it obtained from Palantir Technologies in 2017.
The mid-block property, directly across the street from Chelsea Market and a block west of Google’s massive office building at 111 Eighth Avenue, has changed hands a number of times over the past decade.
In 2014, Atlas Capital Group and the Rockpoint Group secured a 99-year lease on the site for $17 million with plans to convert the existing parking garage and warehouse into offices by adding four glass-walled stories on top of the structure.
Atlas and Rockpoint then flipped it to TH Real Estate — the real estate arm of TIAA — for $107 million in 2016, after Palantir had signed on to lease the space. Invesco picked it up two years later for more than its $150 million asking price, the Commercial Observer reported at the time.
It’s the second major West Side property Invesco has sought to unload of late. In December the company sold the 162-unit luxury rental portion of the Mercedes House in Hell’s Kitchen for more than $100 to Empire Capital Holdings, the investment firm run by former brokers Josh Rahmani Ebi Khalili, which has been on a buying spree of its own lately that’s included a 40-story tower at 133 Sixth Avenue for $320 million and Midtown office building at 345 Seventh Avenue for $107 million.
For Invesco, the sales come after a string of purchases outside New York City. Last year, the firm bought Cortlandt Crossing, a Westchester County shopping center, for $65.5 million, an industrial campus outside of San Jose for $119 million and a life sciences building in Berkeley, California, for $40 million.
Invesco did not respond to requests for comment.
Rich Bockmann contributed reporting.