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Acquisitions

Taconic acquires 440 Ninth Avenue

Unizo Holdings continues sales spree

Howard Lorber (L) and Charles Bendit of Taconic Investment Partners
(Credit: Jason Malihan)

Taconic Investment Partners and TH Real Estate have acquired 440 Ninth Avenue from Unizo Holdings for $269 million, according to CO and the REA. The office and retail building spans 411,000 square feet, and is located between West 34th and West 35th Streets.

Acquisition financing: The buyers secured a $137 million mortgage from MetLife Real Estate Investors to close the deal.

Be Smart: Unizo continues its aggressive disposition strategy… They recently agreed to sell an office building at 370 Lexington Avenue (312,000 SF) to Broad Street Development for around $190 million. The Japanese firm is also nearing a deal to sell 321 West 44th Street (180,000 SF) for around $150 million.

The Play… The rationale behind this acquisition is similar to SL Green’s strategy at 460 West 34th Street… Taconic’s Chris Balestra explained that the property “will serve as a compelling, competitive alternative for tenants seeking immediate proximity to the multi-billion-dollar Hudson Yards redevelopment.” 

Flashback: Unizo paid $211.5 million for the property in 2013.

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