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1777 Sixth Avenue with CalSTRS CEO Cassandra Lichnock (Google Maps, CalSTRS)
The part-owner of a 1-million-square-foot Midtown skyscraper has sold its stake at a price that may calm investors anxious over the pandemic’s impact on office prices.
UBS Realty Investors sold its roughly 50-percent stake in 1177 Sixth Avenue in a deal that values the 47-story tower at $860 million, sources told The Real Deal.
The valuation represents a capitalization rate of roughly 4.5 percent, one source said, which is about where pricing for similar properties was coming in before the start of the pandemic.
The buyer is the California State Teachers’ Retirement System, which already owned the other half of the property and now owns the entirety through a partnership with Silverstein Properties.