Blackstone Group LP unit EQ Office sold an almost 350,000-square-foot office-and-retail building at 114 W. 41st St. in Manhattan, N.Y., to Clarion Partners LLC at a $282 million price tag, The Real Deal reported, citing Newmark Knight Frank, which marketed the asset.
The buyer obtained a $141 million loan from MetLife to fund the acquisition, which translates to a per-square-foot price upwards of $800.
The Blackstone subsidiary made capital improvements worth $30 million to reposition the property, after acquiring it for $165.7 million from L.H. Charney & Associates in 2014.
The Bryant Park-area property is home to real estate-technology company View the Space, streaming-television company Roku Inc., Quartet Health Inc., Kensington Publishing Corp., advertising firm SpotCo and the New York headquarters of fashion label Guess? Inc.
EQ Office has been active in divesting its assets around the city's Bryant Park area, the Dec. 13 report added. Earlier in May, the subsidiary divested the nearby 34-story, 665,000-square-foot 5 Bryant Park office building to Savanna for $640 million.