Ruben Cos has bought out The Schubert Foundation on its ground lease at 1700 Broadway to the tune of $280M. Ruben Cos developed the office building, which totals 42 stories and 650k SF, in the late 1960s.
The lease would have expired in 2067, putting the the building back into the hands of the owners of the land on which it stands. “These prime Manhattan acquisitions demonstrate our commitment to long-term ownership, management and investment in our properties, as well as our confidence in Midtown Manhattan,” Ruben CEO Richard Ruben told the Commercial Observer through a spokesperson.
The architecture firm Gensler signed a 12-year lease for about 120k SF at the building this past fall, at an asking rent of $59 per SF. [CO]
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