BlackRock Seeks Investors To Take Ownership Stake In 600 Third Ave.
BlackRock is seeking investors to take its majority ownership stake in 600 Third Ave. off its hands.
BlackRock, the world's largest fund manager, owns 95% of 600 Third Ave., with the remaining 5% controlled by L&L Holding Co., which also manages the property. BlackRock is again seeking to sell off a portion of its stake in the building after fielding offers in 2016, Real Estate Alert reports.
Last year, BlackRock reportedly offered a 49% stake in the property, keeping the number under half to avoid a foreign buyer potentially incurring capital gains tax from a future sale. When BlackRock purchased its share of the building from GE Asset Management in 2006, the building was valued at $315M. REA reports that number has since risen to $403M.
600 Third Ave. is a 575K SF building constructed in 1970, but with $12M worth of recent renovations to bring it up to date. It is nearly fully occupied, with its largest tenant being L-3 Communications, which renewed its 100K SF lease in late 2015 for 15 more years.