Allied Partners and Brickman & Associates sold a minority interest in the Brill Building to Brill Holdings.
The deal values the building at $310 million. Allied Partners and Brickman & Associates will retain majority ownership of the building and continue to control leasing and management of the property.
The historic, 175,000 s/f building at 1619 Broadway, continues to see a high-level of leasing interest. The Brickman/Allied team is actively negotiating with a variety of potential retail and office tenants and no space has been committed to any specific tenant at this time.
“This deal presented an excellent opportunity for our new partners to participate in this historic investment opportunity while allowing the current ownership group to complete the business plan,” said Eric Hadar, chairman of Allied Partners.
“With significant leasing interest from a multitude of tenants, the future of the Brill is incredibly bright and we are happy to retain this jewel in our portfolio.”
Allied and Brickman purchased the building in 2013 for $185.5 million.
The Brill building features nine LED signs and two large rooftop signs that the Allied/Brickman team obtained approval for from the Landmarks Preservation Commission..
Brill Holdings, the new minority shareholder, is a partnership of Schottenstein Property Group, B+B Capital, Fox-Wizel and Conway Capital. The ownership was represented by JLL in this transaction.