Taconic and Nuveen acquire Manhattan properties for $230m
Taconic Investment Partners and Nuveen Real Estate have invested $230m (€m) to buy two New York City commercial buildings.
In a joint statement, the companies said they have bought the 125 West End Ave and 320 West 66th Street assets, along with an adjacent unbuilt site.
The property, which totals nearly 500,000sqft of commercial space, forms part of the ABC campus on the Upper West Side.
In July last year, Silverstein Properties agreed a $1.2bn deal for the Disney-owned campus with the acquisition of nine buildings and taking over most of ABC’s holdings in the neighbourhood.
320 West 66th Street is a purpose-built television studio with over 100,000sqft and the 125 West End Ave, was originally constructed as an automobile facility.
Chris Balestra, CIO of Taconic Investment Partners, said: “We are excited to add this mixed-use asset to our portfolio and redevelop into what first-class users are demanding in the market today.
“In partnership with Nuveen, our combined breadth of experience in the New York City office market positions us well to take advantage of growing demand in the studio and office sectors.”
Nadir Settles, senior regional head, New York office investments, at Nuveen Real Estate, said: “This acquisition further solidifies our relationship with Taconic Investment Partners, who shares our vision to maximize investment returns and reimagine NYC’s office space.”