RFR Holdings has closed on its purchase of the Marbridge Building, a 316,532-square-foot property located at 1302-1328 Broadway. The property sold for approximately $90 million, or $284.33 per square foot. The building, which RFR has renamed 2 Herald Square, was purchased from a partnership that included Investment Property Associates, and two other families. The Goelet family, who was also part of the previous ownership, will become part of the new ownership team as well. RFR will take over the leasing and property management of their new acquisition. RFR will put the building through an extensive upgrade, including work on the elevators, lobbies, windows, and the electrical and mechanical systems. With the help of these upgrades, RFR plans on repositioning the property to appeal to full-floor tenants.
By: Tobias Morrison (2/4/2000)