Rockwood Capital, which recently became part of a $100 billion investment platform, has put another property up for sale.
The real estate private equity firm listed its 200,000-square-foot office building at 1 Broadway — known as Number One Broadway — in the Financial District, The Real Deal has learned, with a price of about $180 million in mind.
The landmark building is fully leased to financial technology company FiServ, which occupies 92 percent of the space, according to a Newmark offering note. FiServ has invested more than $65 million in its space and plans future upgrades, the memo said.
Rockwood and its partner, Joe Cayre’s Midtown Equities, purchased the building in 2018 for $140 million and subsequently renovated it, redesigning the lobby and building systems and installing amenities such as a fitness center and a rooftop deck with harbor views.
The property has an average lease term of ten years, with contractual revenues of more than $180 million and net operating income of nearly $13 million. With those figures, the deal would amount to a capitalization rate of approximately 7 percent.
A Rockwood representative declined to comment.
A Newmark team led by Adam Spies and Marcella Fasulo is overseeing the sales process.
This is at least the third property that Rockwood has recently put up for sale.
Last week, the company, along with partner Dermot Company, listed their Lower East Side rental building at 250 East Houston Street, priced at $115 million. And in June, Rockwood listed its office building at Grand Central Tower 2, seeking $270 million.
Rockwood announced last week that it would integrate its operations into Harrison Street Asset Management; the two companies are subsidiaries of Colliers International.
Rockwood’s managing partners, Tyson Skillings and David Becker, will remain in place to oversee their firm’s existing investments and will work on new initiatives as HSAM’s co-chief strategy officer.
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