Sovereign Partners In Contract to Buy 780 Third for $178M From Nuveen
By Mark Hallum June 20, 2024 4:18 pm
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Sovereign Partners is buying more Manhattan real estate after entering into a contract to pick up 780 Third Avenue for $178 million.
The Midtown tower will be the second office building purchased by the Sovereign Partners heads Cyrus and Darius Sakhai in less than a year. 780 Third comes their way after a fresh renovation from the sellers, Nuveen Real Estate, the investment management arm of the Teachers Insurance and Annuity Association (TIAA), a source with knowledge of the deal confirmed.
The Real Deal first reported the transaction.
Eastdil Secured’s Gary Phillips and Will Silverman brokered the deal but declined to comment. Nuveen and Sovereign did not immediately respond to requests for comment.
It’s unclear how much Nuveen acquired the property for in 2013, when property records show the most recent deed transfer occurred.
In October 2023, Sovereign Partners acquired 100-104 Fifth Avenue for $125 million from Clarion Partners, which took a major loss on the building compared to the $230 million it purchased the property for 10 years prior, according to TRD.
Brothers Cyrus and Darius Sakhai are the third generation to run the family firm Sovereign Partners, which owns over 20 million square feet of real estate across the U.S., according to the company website.
Mark Hallum can be reached at mhallum@commercialobserver.com.
