Eastdil Secured represented Rockwood Capital in the sale of 2 Grand Central Tower, a 667,000-square-foot office property at 140 E. 45th St. in Midtown Manhattan. Sovereign Partners paid $273 million for the 44-story tower, or $3 million above the asking price Rockwood sought when it put the property on the market.
MetLife Investment Management provided $177 million in acquisition financing, having provided a $262.6-million note for the property this past July. “This investment represents a clear vote of confidence in the future potential of this trophy property and the Grand Central submarket it helps define,” Gary Phillips of Eastdil posted on LinkedIn. “We look forward to watching its next evolution.” Phillips and Eastdil’s Will Silverman arranged the sale.
The property was developed by Macklowe Properties in the early 1980s. Rockwood acquired it from BXP in 2011 for $401 million, a 32% higher price than it sold for this month.
Photo courtesy of CBRE.
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