Global Holdings Acquiring Nomad Luxury Rental Tower for $400M: Sources
Global Holdings Management Group has snapped up the Instrata Nomad luxury apartment tower for “close to $400 million,” sources close to the trade told Commercial Observer.
The 50-story property, at 10 East 29th Street, includes 392 market-rate units and comprises 408,000 square feet.
The seller is said to be L.A. pension fund Los Angeles County Employees’ Retirement Association (LACERA), which is being advised by Invesco Real Estate (IVZ).
In April, CO reported that LACERA had plans to sell off up to $1 billion of its $6.4 billion in real estate holdings in an attempt to bring the portion of its total investment dedicated to the sector down to 7 percent. The sell-off was expected to include roughly $500 million in multifamily assets.
Jonathan Grabel, LACERA’s CIO, told CO the move was due to a shift in its allocation strategy, and that the fund would not be entirely ceasing acquisitions. At the time of the interview, Grabal had asked the pension fund’s board to approve $500 million to be invested by its separate account managers: Invesco Real Estate, Clarion Partners, Heitman, DWS Group and Stockbridge.
Real Estate Alert first reported that the building was up for grabs in July, and that it was valued at roughly $380 million, or $969,000 per unit. The property, located between Madison and Fifth Avenues, was built in 1999 and previously known as the Madison Belvedere. LACERA purchased the asset in 2013.
Resident amenities include a 360-degree wrap-around roof deck, a lobby library, a state-of-the-art fitness center, a pet spa and a children’s playroom.
Eastdil Secured brokered the sale, sources said.
Officials at LACERA, Invesco and Global Holdings declined to comment.