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

Blog

Corporate Credit Risk Trends in Developing Markets An Expected Credit Loss ECL Perspective

Blog

Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

Blog

Corporate Credit Risk Trends in Developing Markets: A Loss Given Default (LGD) Perspective

Blog

Real Estate News & Analysis: May Edition


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.