Invesco Picking Up Live Nation Building From TIAA for Over $150M
Invesco is in contract to purchase the home of Live Nation in the Meatpacking District from national financial services organization the Teachers Insurance and Annuity Association, also known as TIAA, for over the $150 million asking price, Commercial Observer has learned. TIAA emerged as the winner in a group of three finalists bidding for the property at 430 West 15th Street, according to a source with knowledge of the deal
TIAA acquired the 100,000-square-foot building in 2016 via a 99-year ground lease, paying Atlas Capital Group $135 million, according to CoStar Group. Live Nation, the parent company of Ticketmaster, subleases the entire eight-story building from Palantir Technologies. In October 2014, Palantir signed a 15-year lease for the building, as CO reported at the time.
TIAA appears to be shedding some of its assets. As CO reported in January, TIAA put its Midtown headquarters building at 730 Third Avenue on the market.
Will Silverman at Hodges Ward Elliott represents TIAA in the deal, along with Cushman & Wakefield (CWK)’s Douglas Harmon and Adam Spies. Silverman wasn’t immediately reachable. A spokesman for C&W didn’t immediately respond with a comment and a spokeswoman for Invesco declined to comment.
With additional reporting provided by Liam La Guerre.