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Report: BentallGreenOak acquires NYC office tower for $450M


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Banking Essentials Newsletter: September Edition

Report: BentallGreenOak acquires NYC office tower for $450M

BentallGreenOak (U.S.) LP acquired the 31-story office building at 685 Third Ave. in Manhattan, N.Y., from Unizo Holdings Co. Ltd. for around $450 million, Commercial Observer reported, citing sources familiar with the transaction.

Heitman LLC provided a $200 million floating-rate leasehold financing in the deal, according to the sources. The debt is approximately 65% loan-to-cost for the leasehold component.

In connection with the transaction, Safehold Inc. created a $180 million ground lease on the building, the report added.

CBRE marketed the asset and negotiated the debt. Unizo Holdings had purchased the 639,000-square-foot property in 2017 from Nuveen Global Cities REIT Inc., or Nuveen Real Estate, for $467.5 million in cash.

Officials at Heitman and BentallGreenOak did not immediately respond to a request for comment, while CBRE officials declined to comment, according to the report.