CB Richard Ellis Investors, the investment fund run by mega-brokerage CB Richard Ellis, is set to close as early as Thursday on 1540 Broadway, one of the last remnants of Harry Macklowe’s once mighty midtown empire, sources say.
The price is said to be around $355 million. Macklowe Properties purchased the tower in February 2007 in a deal that valued it at $950 million, or $1,079.55 per square foot of office space, according to The Wall Street Journal. The new sales price would translate into just over $403 per square foot.
Despite the 44-story tower’s prime location in Times Square, it has more than 200,000 square feet of vacant space, according to CoStar.
Mr. Macklowe acquired 1540 Broadway as part of an epic $7 billion, seven-tower shopping spree in the early days of 2007. A year—and a universe in the real estate market—later, Mr. Macklowe was forced to turn over the properties to one of his creditors, Deutsche Bank. The bank has since managed to sell all but two of those towers, 1540 Broadway and Worldwide Plaza.
The sale of 1540 Broadway would leave Deutsche Bank with only one.