Taconic Investment Partners, in partnership with TH Real Estate (an affiliate of Nuveen, the investment business of TIAA), have acquired the mixed-use office and retail tower at 440 Ninth Avenue.
The 411,000 s/f commercial building, located at the nexus of the Hudson Yards neighborhood on the corner of West 35th Street, was purchased for $269 million.
The property was sold by Japan-based real estate company UNIZO Holdings Company, Limited. Darcy Stacom and Bill Shanahan of CBRE repped the seller.
Metlife Real Estate Investors provided the mortgage financing for the acquisition and redevelopment.
The venture was represented by Evan Pariser and Michael Gigliotti of HFF and Tom Traynor and James Millon of CBRE on the debt placement.
“The area is a hotspot for mid-sized and supporting service businesses eager to be part of the undeniable excitement happening on the far West Side,” stated Chris Balestra, chief investment officer of Taconic Investment Partners.
“440 Ninth will serve as a compelling, competitive alternative for tenants seeking immediate proximity to the multi-billion-dollar Hudson Yards redevelopment, and the revitalized Penn Plaza subdistrict.”
Originally built in 1927, 440 Ninth Avenue — also known as the Harding Building — was designed for the garment industry and features a stone masonry façade and terracotta details with multiple setbacks beginning on the 13th floor, in addition to outdoor terrace space.
Floorplates within the 18-story building range
between 15,000 and 25,000 s/f.
Plans to reposition the asset into a Class-A office tower include building-wide capital improvements such as updating the lobby, elevators and mechanical systems.
“This acquisition not only places us in the heart of the action, but also further solidifies our long-standing relationship with Taconic Investment Partners which shares our vision to maximize investment returns and reimagine NYC’s office towers,” said Nadir Settles, senior regional head, New York Office Investments, at TH Real Estate.