CB Richard Ellis Sells Stake in Manhattan Office Tower
Daily Business Review reports: A fund sponsored by CB Richard Ellis Group Inc. sold a stake in 1540 Broadway, an office tower in Manhattan’s Times Square, to HSBC Alternative Investments Ltd. and Edge Fund Advisers as New York property demand increases.
The interest was based on a building value of $520 million, or about $575 a square foot, Los Angeles-based CB Richard Ellis Investors said in a statement today. The company bought the office portion of the skyscraper in March 2009 for $355 million, according to global commercial property research firm Real Capital Analytics Inc.
“The value of this asset has gone up 50 percent in less than 18 months,” said Dan Fasulo, managing director of Real Capital. “This displays how much values have recovered in Manhattan, especially for well- located, class A office buildings.”
Trading volume of Manhattan office properties rose 23 percent to $3.18 billion in the third quarter from a year earlier, according to Real Capital. The average price per square foot was $383, compared with a U.S. average of $196.
View the full article on Daily Business Review: CB Richard Ellis Sells Stake in Manhattan Office Tower
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Posted by: Nina Turner