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:
- Property Type: Office
- Transaction Amount: $571,100,000
- Address: 1177 Sixth Avenue
- Market: Midtown Manhattan
- Square Footage: 1,030,000
- Price per Square Foot: $554
- Buyer: Fred Siegel & Jeff Brown - Beacon Capital Partners; John McCarthy - Norges Bank
- Seller: Larry Silverstein - Silverstein Properties
- Seller's Representative: Gary Phillips, Will Silverman & Alana Bassen - Eastdil Secured
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
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