Silverstein Properties bought a majority stake in the Movielab building at 619 West 54th Street from Taconic Investment Partners. The deal values the office building at more than $180 million.
Taconic [TRDataCustom] will keep a 10 percent stake, the New York Post reported. The company bought the 325,000-square-foot, 10-story building for $112 million in 2012 and renovated it.
Tenants include a Volvo dealership on the ground floor, and a mix of medical and research groups, including the New York Stem Foundation, the Rogosin Institute and the Roosevelt Surgery Center. Asking rent is in the high $60s per square foot on the upper floors and in the high $50s per square foot on the lower floors, The Real Deal reported in April.
The building was listed by CBRE last year and was later re-listed with Cushman & Wakefield, which brokered the deal.
Ten blocks to the south, Silverstein is developing a major office and condo property at 514 11th Avenue. [NYP] — Konrad Putzier