Billionaire Ron Burkle Picks Up American Stock Exchange Building for $155M

reprints


Billionaire Ron Burkle — the owner of the Pittsburgh Penguins, the Soho House and Michael Jackson’s Neverland ranch — added the American Stock Exchange Building to his portfolio.

Burkle’s private equity firm Yucaipa Companies bought the 14-story Financial District building at 86 Trinity Place from Clarion Partners for $155 million, property records show. The sale was first reported by The Real Deal.

SEE ALSO: Onni Buys Long Beach Multifamily Project for $68M

Clarion bought a 70 percent stake in the historic building in 2015 for $150 million, with GHC Development owning the other stake, as Commercial Observer previously reported. It’s unclear if Yucaipa’s purchase includes just Clarion’s share or the entire property.

The 1920s, neo-Renaissance building previously served as the headquarters of the American Stock Exchange from the 1950s until the New York Stock Exchange acquired the American Stock Exchange in 2008, The New York Times reported.

In 2018, GHC and Clarion unveiled plans to transform the building — which was landmarked in 2012 — by converting the upper floors into a 174-room hotel with a four-story, 80,000-square-foot retail base, CO previously reported. Burkle’s plans for the property are unclear.

Representatives from Yucaipa and Clarion did not immediately respond to requests for comment. GHC could not be reached for comment.

Nicholas Rizzi can be reached at nrizzi@commercialobserver.com.