Tishman Speyer and Singapore’s sovereign wealth fund are looking to sell the office portion of the CitySpire tower for $150 million.
The partners in 2020 completed a $22 million upgrade to the nearly 380,000-square-foot office condo at 150 West 56th Street, which is 98 percent leased.
They’re pitching the offices as a combination of “stability and strategic opportunity, with minimal capital requirements,” according to an offering memo from Newmark.
Representatives for Tishman and GIC did not immediately respond to requests for comment. Newmark’s Adam Spies and Adam Doneger are overseeing the sale process.
The offices are spread across 24 floors in the 70-story building, which was developed by Bruce Eichner in 1990. Eichner infamously built the tower 11 feet taller than was allowed.
Tishman Speyer in 2004 acquired a 51 percent stake in the office portion, which it owns with GIC, Singapore’s sovereign wealth fund.
The 2020 renovation included an upgraded lobby, modern elevators, a new cooling system and a handful of prebuilt suites. Major tenants include the law firm Windels Marx Lane & Mittendorf, the New York Road Runners and Calers, as well as Tishman Speyer’s co-working company Studio.
The marketing materials show the 31,000-square-foot Studio could be converted into traditional office space or an amenity floor, depending on an investor’s risk appetite.
Tishman Speyer has been more active in the investment sales market lately.
The company has sold three office buildings in Beverly Hills over the past year, including a 300,000-square-foot property at 345 North Maple Drive it sold to Kilroy Realty earlier this month for $205 million.
In May, the company made its first New York office acquisition since 2019, paying slightly more than $105 million to buy the Soho retail and office building at 148 Lafayette Street.
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