Sales Deals of the Week: Nuveen Sells Off Midtown Building for $178M
The top five sales across the country from June 17 to June 21
By The Editors June 24, 2024 6:00 am
reprints
The firm run by Cyrus and Darius Sakhai, Sovereign Partners, is expanding its portfolio in Midtown yet again with the $178 million acquisition of 780 Third Avenue, the biggest sale in the country last week. It’s Sovereign’s second major acquisition since buying 100-104 Fifth Avenue for $125 million in October 2023.
In California, Federal Realty Investment Trust also sold off storefronts on the Third Street Promenade for $104 million.
| Amount | Address | Buyer | Seller | Brokers | Asset |
|---|---|---|---|---|---|
| $178 million | 780 Third Avenue; Manhattan | Sovereign Partners | Nuveen | Eastdil Secured’s Gary Phillips and Will Silverman | Office |
| $139.2 million | 11431 Lakeside Drive; Doral, Fla. | Pantzer Properties | AMLI Residential | JLL's Maurice Habif, Simon Banke and Nick Lavin | Multifamily |
| $104 million | 1202, 1222, 1225, 1232, 1339 and 1344 Third Street Promenade and 301 Arizona Avenue; Santa Monica, Calif. | Daniel Negari, United El Segundo | Federal Realty Investment Trust | N/A | Retail |
| $75 million | 85 East End Avenue | Farallon Capital | BlackRock | N/A | Multifamily |
| $75 million | 1819 and 1855 79th Street Causeway; North Bay Village, Fla. | Continuum Company | Jesta Group | N/A | Development |
Sales Deals of the Week reflect deals closed or announced from June 17 to June 21. Information on sales can be sent to editorial@commercialobserver.com.
780 Third Avenue, Daniel Negari, Gary Phillips, Will Silverman, Continuum Company, Eastdil Secured, Federal Realty Investment Trust, Gourmet Home Products, Jesta Group, MSC Group, Nuveen Real Estate, Sovereign Partners, Swerdlow Group, United El Segundo, Venture Capital Properties
