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Related Cos. fund-management arm completes $153M purchase of NYC office building

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Related Cos. fund-management arm completes $153M purchase of NYC office building

The fund-management arm of Related Cos. completed the purchase of a 10-story office building in New York City's Hell's Kitchen neighborhood from Japanese real estate company Unizo Holdings Co. Ltd. for $152.5 million in a CBRE-negotiated deal, The Real Deal reported, citing property records filed with the city.

According to the report, the Canadian Imperial Bank of Commerce extended a $102.7 million acquisition loan to fund the purchase for the approximately 220,000-square-foot building at 321 West 44th Street.

Unizo has recently been on a selling spree, having entered the Manhattan market with a trio of purchases in 2013 for more than $622 million.

The publication could not obtain a comment from a Unizo representative regarding the matter.