Taconic Investment Partners and Nuveen Real Estate have partnered on the acquisition of two of the former ABC Television Studio portfolio buildings on the Upper West Side.
The two just confirmed they paid $230 milllion for 320 West 66th Street, a 100,000 s/f property where the show Dr Ox is recorded; an 125 West End Avenue, a nearly 500,000 s/f building originally constructed as an automobile facility .
The partners plan to redevelop the properties to create top line office space.
“We are excited to add this mixed use asset to our portfolio and redevelop into what first class users are demanding in the market today,” said Chris Balestra, Chief Investment Officer of Taconic Investment Partners.
“In partnership with Nuveen, our combined breadth of experience in the New York City office market positions us well to take advantage of growing demand in the studio and office sectors.”
“This acquisition further solidifies our relationship with Taconic Investment Partners, who shares our vision to maximize investment returns and reimagine NYC’s office space,” said Nadir Settles, Senior Regional Head, New York Office Investments, at Nuveen Real Estate.
The buildings were sold by Silverstein Properties, which acquired them as part of its $1.15 billion purchase of Disney’s Upper West Side campus last year. Disney, the ABC parent company, is creating a new corporate campus in Hudson Square.
Nuveen Real Estate is one of the largest real estate investment managers in the world with $130 billion of assets under management.
Taconic Investment Partners is a fully integrated owner, operator, and developer of commercial and residential real estate with a focus on New York City.