German pension fund Bayerische Versorgungskammer (BVK) and Paramount Group have bought New York City’s largest candy store from Sherwood Equities for $191.5m (€165.5m).
The pair have acquired M&M’s World, a 26,000sqft retail complex at 1600 Broadway in Times Square.
Real estate firm Sherwood acquired 1600 Broadway in 1987 and in 2004 developed a 25-story mixed-use tower of which M&M’s World is the anchor tenant.
Real estate investment trust Paramount owns a 9.2% stake in the property and will serve as the manager of the asset.
The latest acquisition represents the second time Paramount has partnered with BVK. BVK also owns a 31.1% stake in 300 Mission Street, a 24-storey, office tower located on the corner of Beale and Mission Streets in San Francisco.
Albert Behler, the chairman, CEO and president of Paramount Group, said: “We are proud to once again partner with BVK in the execution of this transaction.
“M&M’s World has long-served as an icon for global tourism, and its recent 15-year renewal and significant commitment to improve the space is a testament to the long-term value of this iconic Times Square retail location.”
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