Nuveen, the real estate investment arm of the TIAA pension fund, is teaming up with Taconic Investment Partners LLC to acquire a portion of the ABC campus in New York City from Silverstein Properties for $230 million, The Real Deal reported, citing sources familiar with the transaction.
The two partners, which are in discussions with Deutsche Bank for a loan to fund the deal, signed a hard contract to buy the three-property West End Campus on the Upper West Side neighborhood, sources said.
An office building at 125 W. End Ave. is intended to be converted into a space for life sciences tenants, while plans for the studio space in a building at 320 W. 66th St. and a property known as Lot 61 is not yet definite, according to the report.
The properties are under a two-year sale-leaseback agreement with ABC, the report noted.
Eastdil Secured, which brokered the sale on behalf of Silverstein, did not comment on the matter, while representatives for Nuveen and Taconic did not immediately answer requests for comment. A Deutsche Bank spokesperson declined to comment on the transaction, according to the report.
