Rockwood Capital, which recently became part of a $100 billion investment platform, has put yet another property up for sale.
The real estate private equity firm listed its 230,000-square-foot office building at 1 Broadway — known as Number One Broadway — in the Financial District, The Real Deal has learned, eyeing a price of about $180 million.
The landmarked building is fully leased with the financial technology company FiServ occupying 92 percent of the space, according to an offering memo from Newmark. FiServ has invested more than $65 million into its space and plans future upgrades, the memo noted.
Rockwood and its partner, Joe Cayre’s Midtown Equities, bought the building in 2018 for $140 million and then gut-renovated it, redesigning the lobby and building systems and installing amenities like a fitness center and roof deck with views of the harbor.
The property has 10 years of average lease term with more than $180 million of contractual revenue and net operating income of nearly $13 million. With those figures, the deal would work out to a capitalization rate around 7 percent.
A representative for Rockwood declined to comment.
A Newmark team led by Adam Spies and Marcella Fasulo is overseeing the sales process.
This is at least the third property Rockwood’s recently put up for sale.
Last week, the company, alongside partner the Dermot Company, listed their Lower East Side rental building at 250 East Houston Street, eyeing a price of $115 million. And in June, Rockwood listed its office building at 2 Grand Central Tower, seeking $270 million.
Rockwood last week announced that it would integrate its operations into Harrison Street Asset Management; the two companies are subsidiaries of Colliers International.
Rockwood managing partners Tyson Skillings and David Becker are remaining in place to oversee their firm’s existing investments and will work on new initiatives as co-chief strategy officers of HSAM.
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