UNIZO Sells 440 Ninth Ave. for $269M
Taconic Investment Partners and TH Real Estate acquired the office and retail building adjacent to Hudson Yards.
NEW YORK CITY—Taconic Investment Partners, an owner, operator, and developer of real estate, with TH Real Estate (an affiliate of Nuveen, the investment business of TIAA), acquired a mixed-use office and retail tower at 440 Ninth Ave. The 411,000-square-foot commercial building is located at the corner of W. 35th Street, close to the Hudson Yards neighborhood. The buyers paid $269 million for the property. They plan to reposition it with capital improvements including updating the lobby, elevators and mechanical systems.
The seller was the Japan-based real estate firm UNIZO Holdings Company, Limited. CBRE’s Darcy Stacom and Bill Shanahan represented UNIZO. Metlife Real Estate Investors provided the mortgage financing for the acquisition and redevelopment. Evan Pariser and Michael Gigliotti of HFF and Tom Traynor and James Millon of CBRE represented the buyers in the debt placement.
“The area is a hotspot for mid-sized and supporting service businesses eager to be part of the undeniable excitement happening on the far West Side,” says Chris Balestra, chief investment officer at Taconic Investment Partners. “440 Ninth will serve as a compelling, competitive alternative for tenants seeking immediate proximity to the multi-billion-dollar Hudson Yards redevelopment, and the revitalized Penn Plaza subdistrict.”
Originally built in 1927, 440 Ninth Ave., known as the Harding Building, was designed for the garment industry with a stone masonry façade, terracotta details, multiple setbacks beginning on the 13th floor, and outdoor terrace space. Floorplates within the 18-story building range between 15,000 and 25,000 square feet.
“This acquisition not only places us in the heart of the action, but also further solidifies our long-standing relationship with Taconic Investment Partners which shares our vision to maximize investment returns and reimagine New York City’s office towers,” says Nadir Settles, senior regional head, New York office investments at TH Real Estate.