In a deal worth more than $250 million, Gary Barnett’s Extell Development has closed on the sale to HLP Properties of five of its Ring portfolio office buildings, which it had been ground-leasing to the Kaufman Organization, The Real Deal reports being told by sources.
In the hearth of Manhattan’s Midtown South, the commercials buildings expand over a combined total greater than 400,000 square feet. The buildings were a part of a 14-buidling acquisition that Barnett got from brothers Frank and Michael Ring.
13 West 27th Street, 119 West 24th Street, 155 West 23rd Street, 45 West 27th Street and 19 West 24th Street are the properties. TRD reports, “Four of the buildings are ground-leased to the Kaufman Organization and Iowa-based Principal Real Estate Investors, while one is ground-leased to Kaufman and investment giant Goldman Sachs.