Newmark has arranged the sale of One Dag, a 50-story Class A office tower located at 885 Second Avenue in Midtown Manhattan. David Werner Real Estate Investments (DWREI) acquired the property from Rockpoint for $270 million, with a total capitalization exceeding $330 million. In conjunction with the sale, Newmark also arranged a $250 million acquisition loan provided by J.P. Morgan.
Co-Head of U.S. Capital Markets Adam Spies, Executive Vice Chairman Adam Doneger and Managing Director Willis Robins represented Rockpoint in negotiations. Head of Global Debt & Structured Finance Jordan Roeschlaub, Vice Chairman Nick Scribani and Director Tim Polglase arranged the financing on behalf of ownership.
Comprising approximately 870,000 square feet across 50 stories, One Dag was designed by Emery Roth & Sons and enhanced through more than $20 million in capital improvements. The property a retail concourse, an adjoining plaza and expansive, unobstructed views of the Manhattan skyline and East River.
