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Partners Group and Atlas Capital Group are reportedly buying a stake in the Factory Building on Long Island City in a move that values the property at $400M.
Square Mile Capital and Atlas had together owned a 51% stake in the building at 30-30 47th Ave., The Real Deal reports. Atlas is keeping its share and is joining with Partners Group to buy out Square Mile. Invesco Real Estate holds the other 49%.
Invesco, Atlas Capital and Square Mile bought the building in 2013 as a bankruptcy sale. At the time it was valued at $102M, according to TRD. The building spans 1M SF and features both office and retail. Its tenants include Macy’s, Madewell and Polo Ralph Lauren.
Millions of square feet of office development have opened in the past few years in Long Island City, causing the vacancy rate for office buildings to climb to 17% as of last year, Newmark Knight Frank's Brian Waterman said at Bisnow's Long Island City event in December, held at the Factory Building.
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