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BLDG SPLITS FEE AND BUILDING

Lois Weiss

Friday, June 15, 2012 - Lloyd Goldman of BLDG has split 1372 Broadway into an operating lease and a fee and sold the pieces to different entities. The operating lease for the building was bought by Starwood Capital while New York Life owns the ground. Real Estate Finance Intelligence reported in May that Starwood would pay $175 million to buy a 99-year operating lease for the building and New York Life would buy the ground beneath the building for $150 million. No deeds had been filed as of Wednesday to double check final pricing and details. The 21-story building of 534,000 sf is big, short and squat with a dark interior and according to CoStar, has floorplates of 24,190 sf, so other locals had passed on the deal. The large plates and lack of window light in the interiors makes it unfriendly to tenants. It does not have a slender tall tower as do competitors in that stretch of Broadway which have made it a go-to area for lower priced offices with grand views.

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