Silverstein Properties is set to add the American Broadcasting Co.’s (ABC) New York City campus to its portfolio. The full-service real estate firm is in contract to acquire the media network’s Upper West Side office headquarters from its parent company, The Walt Disney Co.
According to the Commercial Observer, Silverstein is going to pay more than $1 billion for several buildings located on West 66th Street, in the perimeter bounded by Central Park West and Columbus Avenue. The transaction includes the 22-story high-rise at 77 West 66th St., as well as the three-building complex at 47 West 66th St.
ABC’s office space in Manhattan was coveted by another real estate development giant, Related Cos., which also placed a bid for the properties. Ultimately, the winning bid was awarded to Larry Silverstein’s company—per Commercial Observer.
Encompassing 287,822 square feet, the Class A brick-clad tower at 77 West 66th St. is currently fully leased to ABC. Originally completed in 1988, the office building was renovated in 2005. The other property included in the package, the complex at 47 West 66th St., comprises three 14-story buildings totaling 316,000 square feet. In May 2014, ABC announced that its 1985-built headquarters is going to be named “The Barbara Walters Building,” in honor of the well-respected American broadcast journalist.
Rumors regarding The Walt Disney Co.’s plan to sell ABC’s Manhattan offices first emerged last December, when the company announced that it would acquire 21st Century Fox in a $52 billion all-stock deal.