Taconic Investment and Nuveen Bag Manhattan Properties for $230M
Combined, the two properties at 125 West End Ave and 320 West 66th Street total an estimated 500,000 square feet of commercial space.
NEW YORK CITY – Taconic Investment Partners and Nuveen Real Estate Partners have acquired two properties on Manhattan’s Westside for $230 million. Combined, the properties at 125 West End Ave and 320 West 66th Street total an estimated 500,000 square feet of commercial space.
On Manhattan’s Upper West Side, sits 320 West 66th Street, a television studio with over 100,000 square feet, and on 125 West End Ave. is a former automobile factory with large floor plates and high ceilings.
The partnership to acquire the two assets build upon the two firm’s existing relationships and provides leverage to transform the assets to capitalize on the growing demand for office and studio space in New York City, according to Chris Balestra, chief investment officer at Taconic Investment Partners.
“This acquisition further solidifies our relationship with Taconic Investment Partners, who shares our vision to maximize investment returns and reimagine NYC’s office space,” said Nadir Settles, senior regional head of New York office investments at Nuveen Real Estate.