A joint venture between Multi-Employer Property Trust, Bentall Kennedy Limited Partnership, and Cove Property Group have acquired Two Rector Street in New York City. Located in the Financial District of Manhattan on Rector Street, the building stands 26 stories with 476,000 sqf of office space. The building caters to technology, advertising, media and information (TAMI) companies as well as traditional financial, insurance and real estate (FIRE) tenants. Terms of the sale were not disclosed, though there were reports of a $225 million price tag.
“We are very excited to work with Cove as our partner on this acquisition. Two Rector Street provides a tremendous opportunity to own and redevelop a unique Art Deco building in one of the most renowned and resurgent office submarkets in the world. The Financial District, and more specifically the World Trade Center area, has reemerged as a 24/7 environment and we expect this trend to continue,” said Kevin Rivest, Senior Vice President of Transactions at Bentall Kennedy.
