Stake Sale Values 1177 Sixth Avenue at $860M

UBS Realty Investors has sold is roughly 50% stake in 1177 Sixth Avenue to the California State Teachers’ Retirement System (CalSTRS). The transaction values the 1-million-square-foot tower at $860 million; and represents a capitalization rate of roughly 4.5%. CalSTRS already owned the other 50% stake in the 47-story asset, and now owns the entirety through a partnership with Silverstein Properties.