Rockrose Development will take over a NoMad building, solidifying its confidence in the city’s office market.
The firm initially held a 50% stake in the 11 East 26th Street office building. Now, it has purchased the remaining stake from managing agent Adam & Company in a deal that is valued at $145 million.
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Now, the building is valued at around $275 million.
“Rockrose had a vision for the building that was the highest and best use for the building, so we did an off-market deal,” said David Levy, principal of Adams & Company.
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In addition to a fitness center and rooftop deck, Rockrose wants to incorporate a new office complex with the help of interior design firm Vocon as part of its revamp of the building.
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Source:
The Real Deal
