CBRE Back in 1540 Broadway Mix
The Wall Street Journal reports: CB Richard Ellis Investors is back in the bidding for the office portion of 1540 Broadway, a skyscraper in New York's Times Square connected to landlord Harry Macklowe.
A deal hasn't closed, but a person familiar with the matter said CBRE Investors, the asset-management unit of CB Richard Ellis Group Inc., would pay as little as $355 million, a major drop in value.
"That's a harsh price for a very well located building," said Dan Fasulo, managing director of property-tracking firm Real Capital Analytics.
According to city records and loan-marketing documents, Mr. Macklowe attributed the value of the office building to over $950 million when he bought it in February 2007 as part of a $7 billion skyscraper spending spree. The tower's 880,000 square feet of office space had sold in 2006 for $525 million.
View the full article on The Wall Street Journal: CBRE Back in 1540 Broadway Mix
Posted by: Nina Turner