Ares Management LP is seeking a buyer for its 50% stake in the six-story, 138,000-square-foot office building at 797-799 Broadway in New York City, The Real Deal reported, citing unnamed sources.
The sources told the publication that the global alternative asset manager tapped Cushman & Wakefield to locate a buyer for the entire stake or part of it.
Ares' partner, Normandy Real Estate Partners LLC, intends to demolish the class B asset and build a 190,000-square-foot ground-up, class A office building in its place.
The stake sale is projected to bring the project's total capitalization to $250 million, the sources added.
The building was acquired by the partners in 2016 for $101 million and was 98%-occupied at the time of the acquisition, according to the publication.