Blackstone has closed on the $200 million sale of 44 Wall Street to Dallas-based Gaedeke Group.George Comfort & Sons, served as advisor to the new owner on the deal and will be responsible for operating the asset.
Gaedeke Group is a privately owned commercial real estate investment firm that also is active in Arizona, Texas, Florida and Washington, DC. Prior to this transaction, the firm’s portfolio totaled approximately 3 million square feet of Class A office space.
The historic 44 Wall Street, which is strategically located at the intersection of Wall and William streets, illustrates the recent and ongoing transformation of the Downtown Manhattan into a center of technology and creativity.
Previous property ownership’s renovations and enhancements at the 350,000-square foot tower – which included a revitalized lobby featuring artwork by famed New York City street artist Hellbent — landed the tower on the Architectural Digest list of “The 12 New York City Office Buildings with the Most Incredible Artwork.
“44 Wall Street represents the best of New York City commercial real estate,” said George Comfort & Sons President and CEO Peter S. Duncan.
“The building exemplifies great classic architecture that has been carefully preserved, while being modernized to meet the needs of today’s creative companies and their workforces.
“This transaction serves as great entrée into the local market by a respected company, Gaedeke Group, and we are looking forward to working closely with them.”
Will Silverman of Eastdil Secured and Paul Gillen of Hodges Ward
Elliott represented the seller in the transaction.
Finback Real Estate, a New York-based advisory firm, assisted Gaedeke Group in the acquisition. Sabine Stener, CEO of Gaedeke Group, said, “Having a senior and well respected team with boots on the ground positioned Gaedeke as a credible player in the difficult-to-penetrate NYC institutional office market.”