60 Guilders, Sentry Realty Under Contract to Buy 1370 Broadway for $80M

As DJ Khaled would say, “Another one!” 

60 Guilders and Sentry Realty are teaming up again, this time to purchase Invesco Real Estate (IVZ)’s 1370 Broadway, sources familiar with the transaction told Commercial Observer. 

The 275,000-square-foot office building is expected to sell for roughly $80 million, a nearly $100 million discount from Invesco’s purchase price in 2014. 

A Newmark (NMRK) team of Adam Spies, Adam Doneger, Josh King, Marcella Fasulo, Avery Silverstein and Doug Harmon negotiated the sale, which is currently under contract, while Newmark’s Jordan Roeschlaub and Nick Scribani are in the process of arranging acquisition financing for the deal, sources said. 

Invesco purchased 1370 Broadway from Normandy Real Estate Partners for $186 million in 2014. Today, the building’s tenants include finance and lending firm Rosenthal & Rosenthal, in-home service provider Preferred Home Care and clothing maker Gerber Childrenswear. 

If you’re thinking: “Wait, didn’t I just read this news story?” you’re probably recalling that Kevin Chisholm’s 60 Guilders and Sentry Realty bought the office building at 292 Madison Avenue only two weeks ago. The sale was arranged by the same Newmark team. 

In fact, the 60 Guilders-Sentry Realty partnership has now acquired roughly 1 million square feet of Manhattan real estate in the past few months, sources said. 

In August, Sentry Realty also bought the $200 million note on Savanna’s 1375 Broadway from Aareal Bank for around 90 cents on the dollar — also arranged by the Newmark team — before stepping into the equity position with 60 Guilders. The office building’s previous owner, Savanna, is staying on to help manage the property. 

Officials at 60 Guilders, Sentry Realty, Invesco and Newmark declined to comment.

Cathy Cunningham can be reached at ccunningham@commercialobserver.com.