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Stellar Management has purchased Rockpoint Group's 40% stake in One SoHo Square (pictured) and brought in a new, currently undisclosed partner.
After acquiring the property in 2012 for $200M, Stellar and Rockpoint have spent $50M renovating the pair of buildings—at 233 Spring St and 161 Sixth Ave—into an upscale office space, Crain's reports. The renovations include a common lobby and new office floors at 233 Spring St, bringing it to 13 stories.
The 750k SF property was valued at $650M, giving Rockpoint a $260M payday through the sale. Eastdil Secured's Adam Spies, Doug Harmon and Adam Doneger handled the sale and brought in the new partner, although it's not known how big a stake the partner owns.
As we reported in today's Deal Sheet, DoubleVerify has signed a 32k SF lease at the space. [Crain's]
