Speyers Buy Back Chunk of 30 Rock for $222 M.
On the heels of their $22 billion buy of Archstone-Smith, Jerry and Rob Speyer have made another blockbuster deal. Tishman Speyer has purchased several floors at 30 Rockefeller Plaza back from NBC for $222 million.
Jerry and Rob, the father-and-son duo that run Tishman Speyer, own the iconic 70-story 30 Rock, in addition to all 12 buildings at Rockefeller Center. NBC bought the 1.6 million square feet it occupies at 30 Rock from the Speyers in 1996.
Now, they have some of it back. The Speyers purchased parts of floors 22, 23, 48 and 49 for $145.7 million and parts of floors 25 and 26 for $76.3 million. The deal was recorded in city records.
A third party, the New York City Industrial Development Agency, was also listed in city records as part of the deal. A spokeswoman for the agency, Janel Patterson, said there was a renewed agreement between the city and NBC, which gives the broadcast giant sales-tax breaks at the space. The spokeswoman said she was aware NBC wanted to sell the floors to Tishman Speyer, as long as NBC got a leaseback and retained the sales-tax breaks from the city.
Representatives for Tishman Speyer and NBC would not comment on the sale.
The Speyers bought control of Rockefeller Center in 1996, the same year they sold condominium interest in 30 Rock to NBC for $440 million.
What a Year! Manhattan Building Deals—$34.1 B. and Counting
The Manhattan real estate game is a sport of endless new records. But sometimes these records are, pardon the expression, breathtaking.
At a breakfast for reporters on July 10, the commercial firm Cushman & Wakefield announced there were $34.1 billion worth of building deals sold or under contract in the first half of 2007. For some breathless perspective: In all of 2006, there were $34.7 billion worth of sales. That total last year smashed the previous record from 2005. Looks like we could double last year’s total this year.
Meanwhile, midtown south has also set a new standard. The submarket had a 3.5 percent vacancy rate in the second quarter, an all-time low for the area, and amazingly down from a 4.9 percent vacancy back in the first quarter of 2007.
“The vacancy rates are now lower in midtown south than anywhere else in the country,” Joseph Harbert, the C.O.O. at Cushman & Wakefield, told The Observer. “They are lower than when the dot-com boom was at its height. That is very notable.”
To say the least.