trending Market Intelligence /marketintelligence/en/news-insights/trending/5podm5uo8bddbqleleuihg2 content esgSubNav
In This List

Report: Ares puts 50% stake in NYC office building on the block


Japan M&A By the Numbers: Q4 2023

Case Study

An Investment Bank Taps S&P's Real Estate Modeling Expertise


FIMA EUROPE 2023: Exploring the Intersection of Data, Governance, and Future Trends in Finance


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

Report: Ares puts 50% stake in NYC office building on the block

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.