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Rockpoint Group Shells Out $465M for 1700 Broadway

The Ruben Companies Sold One of its Legacy Office Properties
January 25, 2018
Rockpoint Group LLC has closed on its acquisition of 1700 Broadway in New York City, according to sources with knowledge of the deal. The purchase price for the 42-story, 625,000-square-foot, 4-Star office tower was $465 million, or $744 per square foot.

Ruben Companies, the real estate developer and manager with investment bases in New York, Boston and Washington, D.C., built the tower in 1968 on almost a full acre in the Columbus Circle submarket, between 53rd and 54th Streets.

Rockpoint Group is a Boston-based real estate private equity and asset management firm with offices in San Francisco and Dallas.

Just 52,076 square feet of office space is currently available at 1700 Broadway, listed with Newmark Knight Frank. Architectural firm Gensler is among its largest tenants, occupying 119,414 square feet in the tower. Media broadcaster CBS, accounting firm Friedman LLP and the Cardiovascular Research Foundation are also tenants.

In 2016, Ruben bought the 28,628 square feet of commercial land underneath 1700 Broadway from The Shubert Organization for $280 million, or approximately $9,780 per square foot ($426 million per acre).
See CoStar COMPS #13502426.

In divesting 1700 Broadway, Ruben Companies is left with two of its legacy buildings: One Dag Hammarskjold Plaza at 885 Second Ave. and 600 Madison. It retains ownership via joint ventures in seven other Manhattan office buildings.

Wallace Schwartz, Stephanie Felix and Christy Mazzola with Kasowitz Real Estate represented Rockpoint Group. Cushman & Wakefield's Kevin Donner, Douglas Harmon and Adam Spies represented Ruben Companies in its sale.

Please see CoStar COMPS #4114829 for additional information on this latest transaction.

Diana Bell, New York City Market Reporter  CoStar Group   
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