Breaking News: Portrait Building Sells for $98.5M
Bisnow has learned that Dutch investor Wereldhave has sold the Portrait Building, located at 701 8th St, to Clarion Partners for $98.5M. This sale disproves our biggest conspiracy: When we first learned a Dutch person owned the portrait building, we assumed it was Vincent Van Gogh.
According to public record, the sale officially closed yesterday, and the $98.5M price tag results in a whopping $730/SF figure. Clarion's Marc DeLuca confirms that his firm was the sole buyer in the deal, although Wereldhave had announced plans in January to sell its entire US portfolio to Lone Star Funds. Sources tell us the property traded at a cap rate around 5%. It's another big downtown deal for Clarion, which in December, advised an institutional client on the purchase of Constitution Center along with MetLife for $734M.