Home News Biggest U.S. Office Deal Ever? Real Estate Heir Reportedly Selling Father’s Crown Jewel

Biggest U.S. Office Deal Ever? Real Estate Heir Reportedly Selling Father’s Crown Jewel

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9 West 57th Street Manhattan

Stefan Soloviev is reportedly nearing a deal to sell his father’s famous Thoreau Building on 57th Street.

A deal has been struck to sell the building, but no buyer has been confirmed. real deal report, citing an anonymous source. The late Sheldon Thoreau developed the sloping glass facade building at 9 West 57th Street in the 1970s, and it remains a popular address today. Tenants include private his equity firms Apollo Global Management and Chanel, as well as the shoe brand Nine West, which the building is named after.

Last valued at $3.4 billion in 2016, the 1.6 million SF building fetches over $2,000 per SF, according to TRD. If the deal goes through, it will likely set a pandemic-era record and possibly be the most expensive office deal in the city’s history. I still hold the record when I sold to. $2.9 billion in early 2008.

Office investor Michael Schvo Supported by German Pension Fundis among potential buyers around 9 West 57th, TRD reported. Neither Shvo nor Stefan Soloviev has commented for the publication.

Solow founded Solow Building Co. in 1995, Died of lymphoma in 2020 According to Forbes, his net worth is pegged at $4.4 billion and he has accumulated about 3.8 million SF in real estate over 50 years. His son Solovyev, who uses his pre-Ellis Island family name, announced the formation of his own company last April called Solovyev Group.

the company feature According to a release at the time, the real estate and development sector, as well as the hospitality, transportation and rail, agriculture and ranching sectors. Soloviev reportedly has little interest in his father’s portfolio and is working on demolition.

this summer he agreed to the transaction Selling six residential buildings developed by his father to Black Spruce Management and Orbach Affordable Housing Solutions for $1.8 billion.

The property at 9 West 57th Street has been vacant for many years and was long used as the headquarters of KKR, which moved to 30 Hudson Yards, but Solow chose it. leave empty Instead of lowering the rent or attractiveness. According to TRD, it’s fetching rents in excess of $200 per SF.

The Manhattan office market rebounded in the third quarter, Activity has returned to pre-pandemic levelsLeaving the future of New York City’s vast supply of vintage buildings like 9 West 57th in doubt, the city’s newest towers are taking the biggest deals.

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