Japanese company takes a major loss on the sale
Broad Street Development has closed on its acquisition of 370 Lexington Avenue from Unizo Holdings for $190 million, according to CO+REA. The Murray Hill office building spans 312,000 SF, and is located between East 40th and East 41st Streets.
Acquisition Financing: The developer secured a $100.5 million loan from Invesco Real Estate to close the deal.
Flashback: Unizo paid $247 million to J.P. Morgan andSherwood for the property in 2015.
Be Smart: Unizo continues its aggressive disposition strategy… They recently sold 440 Ninth Avenue to Taconic Investment Partners + TH Real Estate for $269 million. The Japanese firm is also nearing a deal to sell 321 West 44th Street (180,000 SF) for around $150 million.