**2 Grand Central Tower Sells to Sovereign Partners for $273 Million**
Eastdil Secured has represented Rockwood Capital in the successful sale of 2 Grand Central Tower, a 667,000-square-foot office building located at 140 East 45th Street in Midtown Manhattan. The 44-story tower was acquired by Sovereign Partners for $273 million—$3 million above Rockwood’s original asking price.
MetLife Investment Management provided $177 million in acquisition financing as part of the transaction. Notably, MetLife had already extended a $262.6 million note for the property back in July.
“This investment represents a clear vote of confidence in the future potential of this trophy property and the Grand Central submarket it helps define,” shared Eastdil’s Gary Phillips. Phillips and Will Silverman, also of Eastdil, arranged the sale.
2 Grand Central Tower was developed by Macklowe Properties in the early 1980s. Rockwood Capital acquired the asset from BXP in 2011 for $401 million—roughly 32% more than the current sale price.
Photo courtesy of CBRE.
