BlackRock Seeks Investors To Take Ownership Stake In 600 Third Ave.
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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.