Rockrose Development is in talks to acquire 575 Lexington Avenue for $370 million, according to Bloomberg News, which cited a Real Estate Alert report.
The 35-story, 585,000-square-foot office tower, between East 51st and East 52nd streets, is owned by a partnership of Silverstein Properties and the California State Teachers’ Retirement System. Last year, debt-holder LNR Properties filed to foreclose on the asset, The Real Deal reported at the time.
Silverstein and Calstrs took out a $325 million loan to fund their $416 million purchase of the building in September 2006. In October, they made a $75 million payment on the debt, according to Bloomberg. A Barclays analyst said Rockrose was likely to assume the financing already in place when it inks a deal, likely in the next two to three months. [Bloomberg]