Taconic Investment Partners and TH Real Estate Acquire 440 Ninth Avenue for $269M
CBRE brokers Darcy Stacom and Bill Shanahan represented Unizo Holdings in the sale of the 411,000 SF office and retail property.
Taconic Investment Partners and TH Real Estate have teamed up to acquire 440 Ninth Avenue, a 411,000 SF office and retail property in Manhattan’s Midtown West neighborhood, for $269M. The property was sold by Unizo Holdings, a Tokyo-based real estate investment firm. The sale was brokered by Darcy Stacom and Bill Shanahan of CBRE.
440 Ninth Avenue is a 20-story building that was built in 1928. The property is located between 34th and 35th Streets and features 330,000 SF of office space and 81,000 SF of retail space. The property is currently 92% leased, with tenants including WeWork, Equinox, and Blink Fitness.
Taconic Investment Partners is a New York-based real estate investment and development firm that has been active in the New York City market for over 20 years. The firm has a portfolio of over 12 million SF of commercial and residential properties. TH Real Estate is a global real estate investment management firm that manages over $100B in assets. The firm has a presence in North America, Europe, and Asia Pacific.
The acquisition of 440 Ninth Avenue is a strategic move for Taconic and TH Real Estate, as the property is located in one of Manhattan’s fastest-growing neighborhoods. Midtown West has seen a surge in development in recent years, with new office and residential buildings popping up throughout the area. The property’s proximity to Penn Station and Hudson Yards also makes it an attractive location for tenants.
The sale of 440 Ninth Avenue is a significant transaction for Unizo Holdings, as the company looks to shift its focus to the Japanese market. Unizo has been an active buyer in the US market in recent years, acquiring properties in New York, Chicago, and Los Angeles. The sale of 440 Ninth Avenue is part of the company’s strategy to sell off its US assets and reinvest in the Japanese market.
Darcy Stacom and Bill Shanahan of CBRE represented Unizo Holdings in the sale of 440 Ninth Avenue. CBRE is one of the largest commercial real estate firms in the world, with a presence in over 100 countries. The firm has been involved in some of the largest real estate transactions in history, including the sale of the GM Building in New York City for $2.8B in 2008.
In conclusion, the acquisition of 440 Ninth Avenue by Taconic Investment Partners and TH Real Estate is a significant transaction in the Manhattan real estate market. The property’s location in Midtown West, its strong tenant base, and its proximity to transportation hubs make it an attractive investment opportunity. The sale of the property by Unizo Holdings is part of the company’s strategy to shift its focus to the Japanese market. The transaction was brokered by Darcy Stacom and Bill Shanahan of CBRE, two of the most experienced brokers in the New York City market.