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Silverstein Acquires Majority Interest in West Side Office Building

619 West 54th St. 619 West 54th St. was purchased by Taconic Investment Partners in 2012.

NEW YORK CITY—Silverstein Properties has acquired a majority interest in Taconic Investment Partners’ 619 West 54th Street property here as part of a $200-million recapitalization of the 10-story, 333,000-square-foot Art Deco commercial office building.

Taconic Investment Partners, which will retain leasing oversight and property management of the property, acquired the building in 2012 and completed a $14-million repositioning of the property. Taconic officials state the capital improvement investment yielded more than 75,000 square feet in new leasing activity at the property.

“Taconic and Silverstein worked to create a mutually beneficial outcome for both parties,” says Paul Pariser, co-CEO of Taconic. “We are thrilled to have Silverstein Properties as our partner in the next phase of this incredible asset, which is located in an exciting and rapidly growing neighborhood.”

“The building’s terrific tenants and prime location in the heart of the thriving West Side attracted us to this opportunity,” adds Marty Burger, CEO of Silverstein Properties. “With the area’s continued growth and the building’s large floorplates (33,000 square feet) and strategic positioning, this investment offers great potential for long-term growth.”

M&T Bank provided $120 million in financing for the recapitalization of the building situated between Riverside Center and Hudson Yards on Manhattan’s West Side.  Dan Myers of Kassin Sabbagh Realty represented Taconic as broker in the recapitalization and Evan Pariser of HFF represented the new partnership in its financing search.

The property was originally built in 1930 as a film-editing house for Warner Brothers Pictures. The New York Stem Cell Foundation recently opened its 40,000 square foot state-of-the-art life science research facility at the property.

The building is currently marketing an 80,000-square-foot, three-level penthouse on the top floors of the building. This triplex penthouse offers a dedicated elevator, large skylights, Hudson River views and a 3,000-square-foot private roof terrace.

 

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