Delshah Capital and AM Property Holding Corporation agreed to purchase the 70-story, 377,000-square-foot building at 156 West 56th Street from Tishman and GIC for $135.7 million, according to the Commercial Observer reported. The deal works out to $360 per square foot.
Newmark’s Jordan Roeschlaub and Nick Scribani are seeking acquisition financing for the deal, which is expected to close within 30 days. A Newmark team, including Adam Spies, Adam Donegar and Doug Harmon, handled the sale.
None of the parties involved in the deal responded to the publication’s request for comment.
Tishman and GIC began marketing the office portion of the property several months ago, seeking $150 million. That came five years after the partners completed a $22 million upgrade to the office apartment, which is 98 percent leased. That update included an improved lobby, modern elevators, a new cooling system and a handful of pre-built suites.
The offices are spread over 24 floors in the building, which was developed by Bruce Eichner in 1990. Eichner infamously built the tower 11 feet higher than allowed.
Tishman Speyer acquired a 51 percent stake in the office portion in 2004, three years after GIC purchased the office floors. Major tenants include law firm Windels Marx Lane & Mittendorf, the New York Road Runners and Calers, as well as Tishman Speyer’s co-working company Studio.
Tishman also collected the interest and living portion of the property in 2012.
Rob Speyer’s company recently emerged as the frontrunner in reacquiring the leasehold on the Chrysler Building, a Manhattan landmark it previously owned before selling its last stake in 2019. The main hurdle to the deal is ground rent payments to Cooper Union, which owns the land.
An affiliate of GIC and an affiliate of the Abu Dhabi Investment Authority completed a $1.6 billion equity investment in Vantage Data Centers’ Asia-Pacific platform late last year.
Just days ago, Delshah sold the 1,103-unit Park Hill Apartments complex on Staten Island to a joint venture of Arker Companies, L+M Development Partners and LIHC Investment Group for $364.7 million.
— Holden Walter Warner
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