California State Teachers' Retirement System Acquires 50% Stake In 1177 Sixth Avenue Tower For $430M

UBS Realty Investors has sold its stake in 1177 Sixth Avenue, a 933,995 square foot office tower located in Midtown, to the California State Teachers' Retirement System (CalSTRS) for approximately $430 million. The total valuation of the property is estimated at $860 million. The transaction represents the sale of a 50% interest in the building.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $430,000,000 (approx.)
• Address: 1177 Sixth Avenue
• Market: Midtown
• Square Footage: 933,995

CalSTRS was represented by Cassandra Lichnock in the deal, while UBS Realty Investors was advised by brokers from CBRE and Eastdil Secured. The tower is currently occupied by tenants such as Regus, The Weather Channel, Kramer Levin Naftalis & Frankel, Turing Pharmaceuticals, and Practicing Law Institute.

It is worth noting that UBS Realty Investors' sale of its stake in 1177 Sixth Avenue marks the completion of the transaction with CalSTRS, resulting in the property being valued at approximately $860 million.