Rockpoint Group Buys One Dag Hammarskjöld Plaza for $600M
In real estate, it’s a small world afterall, with Ruben Companies selling their building named after the second secretary-general of the United Nations.
NEW YORK CITY—The Rockpoint Group closed on their purchase of One Dag Hammarskjöld Plaza, a 50-story, glass office tower located at 885 Second Ave. The seller was Ruben Companies, the real estate firm run by CEO Richard Ruben. Industry sources indicate the selling price was approximately $600 million.
The 815,000 square-foot building located between E. 47th and E. 48th streets was constructed in 1971, according to Real Capital Analytics. Designed by Emery Roth and developed by Lawrence Ruben, the tower was named in honor of Dag Hammarskjöld, an economist from Sweden. He served as the second secretary-general of the United Nations. In 1961, he died in a plane crash heading to negotiations to end violence and warfare in the Republic of Congo.
One Dag Hammarskjöld Plaza is situated near a cluster of consulate general offices and not far from the United Nations headquarters. It houses several countries’ permanent missions to the United Nations.
Cushman & Wakefield’s Doug Harmon, Adam Spies and Kevin Donner represented the Ruben Companies. The Real Deal reported that Gideon Gil of Cushman & Wakefield represented Rockpoint in obtaining financing of $430 million from Wells Fargo and Brookfield Asset Management.
In real estate, it’s a small world, afterall. This deal illustrates that refrain with familiar faces involved in the Dag Hammarskjöld Plaza sale. The same seller, buyer, brokers and even lender reconnected: In January last year, the Harmon team sold the Ruben Companies’ 1700 Broadway to Rockpoint for $465 million. Plus, a Harmon team had sold Starrett City also to Rockpoint (and the Brooksville Company) for $905 million in May 2018. The Real Deal had reported Wells Fargo had supplied a $502 million loan for the Starrett City acquisition.