Shorenstein to buy 1407 Broadway ground lease for $330M
February 20, 2015

Shorenstein Realty Services is in contract to pay $330 million for the ground lease at 1407 Broadway, a 1.1 million-square-foot office building in Midtown, sources familiar with the transaction told The Real Deal.

David Lichtenstein’s Lightstone Group controlled the operating sublease at the 43-story tower, while Abraham Kamber & Co. controls the master lease. Solil Management, the company that manages the assets of late real estate mogul Sol Goldman, owns the ground beneath the property, which occupies a full blockfront between West 38th and 39th streets.

The building includes 33,000 square feet of retail space. Office tenants include retailer Lands’ End and startup accelerator Techstars. Asking rents are in the mid-$50s per square foot, according to the property’s website. A Savills Studley team led by Woody Heller and Will Silverman were marketing the leasehold. HFF’s Eric Anton, Andrew Scandalios and David Fowler represented the buyer, according to sources. All the brokers declined to comment...

Shorenstein to buy 1407 Broadway ground lease for $330M

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