Beacon Capital Takes Majority Stake in Manhattan's Historic AT&T Tower
Crain's New York Business reports: It was recently announced that the ownership of the landmarked AT&T building, located near the World Trade Center site at 195 Broadway in downtown Manhattan, has sold a majority stake in the 29-story office tower to Boston-based Beacon Capital Partners. According to Crain’s New York Business, the property is valued at $285 million, which means Beacon could be taking a stake worth over $200 million.
The current owners, a partnership between L&L Acquisition Corporation and GE Pension Trust, have announced plans to refurbish the building’s lobby to include retail space, among other improvements. This, in addition to the positively changing dynamics of the downtown/Financial District submarket, has caused some to question the strategy behind the equity stake sale. Real Capital Analytics’ Managing Director Dan Fasulo told Crain’s that he was surprised to hear the property’s owners would chose to sell at this point, stating that, “Once the World Trade Center takes shape it is going to be a different ball game down there…They would get more money.”
View the full article on Crain's New York Business: Beacon Capital Takes Majority Stake in Manhattan's Historic AT&T Tower
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Posted by: Nina Turner