Taconic Investment Partners and Nuveen Real Estate Acquire Over-Three-Acre Property in Manhattan
Taconic Investment Partners, with Nuveen Real Estate, today announced the acquisition of two commercial buildings, 125 West End Ave and 320 West 66th Street, along with an adjacent unbuilt site. The property totals nearly 500,000 square feet of commercial space and was purchased for $230 million from Silverstein Properties.
Located in the Upper West Side submarket, the property is leased to ABC/Disney through 2021. 320 West 66th Street is a unique, purpose-built television studio with over 100,000 square feet. The additional office asset, 125 West End Ave, was originally constructed as an automobile facility and features large floorplates and high ceiling heights.
“We are excited to add this mixed use asset to our portfolio and redevelop into what first class users are demanding in the market today. In partnership with Nuveen, our combined breadth of experience in the New York City office market positions us well to take advantage of growing demand in the studio and office sectors,” stated Chris Balestra, Chief Investment Officer of 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, New York Office Investments, at Nuveen Real Estate.
Taconic Investment Partners is a fully integrated owner, operator, and developer of commercial and residential real estate with a focus on New York City.
Nuveen Real Estate owns over 119 office assets throughout the US and has $16.8bn AUM in the US.
About Taconic Investment Partners
Since 1997, Taconic Investment Partners has acquired, redeveloped and repositioned over 12 million square feet of commercial office and mixed-use space, as well as 5,000+ units of luxury and workforce housing in the New York metropolitan area. As a fully integrated real estate operating company with a keen eye for uncovering value, its diverse capabilities are evidenced by its multifaceted success with luxury properties, as well as adaptive reuse and urban revitalization projects. In New York City, Taconic is currently developing 619 West 54th Street, 817 Broadway, 311 West 42nd Street and Essex Crossing on the Lower East Side. The firm also manages various real estate funds on behalf of institutional and pension fund investors. For more information visit: www.taconicinvestments.com
About Nuveen Real Estate
Nuveen Real Estate is one of the largest real estate investment managers in the world with $130 billion of assets under management. Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to every aspect of real estate investing. With over 80 years of real estate investing experience and more than 500 employees* located across over 20 cities throughout the United States, Europe and Asia Pacific, the platform offers unparalleled geographic reach, which is married with deep sector expertise. For further information, please visit us at nuveen.com
Source: Nuveen, 30 Sep 2018.
Notes to Editors
Issued by Nuveen Real Estate Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority.
Nuveen Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services.
Nuveen Real Estate is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA). Nuveen Real Estate securities products distributed in North America are advised by UK regulated subsidiaries or Nuveen Alternatives Advisors LLC a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, member FINRA.