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1177 Sixth Avenue

Fred Siegel And Jeff Brown Of Beacon Capital Partners Buy Office In Midtown Manhattan For $571.1M
SOLDOffice

Fred Siegel And Jeff Brown Of Beacon Capital Partners Buy Office In Midtown Manhattan For $571.1M

1177 Sixth Avenue

$571,100,000

$611/SF

Building Size

933,995 SF

Asset Type

Office

Closing

Sep 1, 2025

AI

The property involved in this transaction is an office asset located at 1177 Sixth Avenue in Midtown Manhattan. The sale price for this property was $571,100,000, encompassing a total square footage of 1,030,000. This equates to a price per square foot of $554.

Summary of transaction details:

The individuals involved in this transaction include the buyers Fred Siegel and Jeff Brown representing Beacon Capital Partners, alongside John McCarthy from Norges Bank. The seller, Larry Silverstein, is associated with Silverstein Properties. The seller's representation was provided by Gary Phillips, Will Silverman, and Alana Bassen, all affiliated with Eastdil Secured.

Players

Gary Phillips

Eastdil Secured

Broker

$34.9B

vol

89 deals

Broker

John McCarthy

Buyer

$626.1M

vol

3 deals

Buyer
Beacon Capital Partners
Beacon Capital PartnersBuyer
Larry Silverstein

Larry Silverstein

Silverstein Properties

Seller

$1.6B

vol

11 deals

Seller

New York Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.03%

Cash-on-Cash

-0.01%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93