August 16, 2016
Stellar Management bought out partner Rockpoint Group’s 40% interest in the 750,000-square-foot One SoHo Square in New York City. The pair of buildings at Spring Street and Sixth Avenue were valued at approximately $650 million. Rockpoint, headquartered in Boston, walked away with about $260 million.
Stellar and Rockpoint bought the buildings in 2012 for $200 million, and invested an additional $50 million in renovations. The work included creating a common lobby, and installing new elevators. New offices were built on top of one of the buildings at 233 Spring St.
Adam Spies, Doug Harmon and Adam Doneger with Eastdil Secured handled the transaction. The brokers also brought in a new equity partner with the deal, though it’s not certain how much of an ownership stake the new investor has in the property.
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