The Movielab building is getting some shine. Silverstein Properties has just signed a contract to purchase a super-duper majority stake in the property from Taconic Investment Partners, which will keep around 10 percent, sources said.
The deal revalues the 325,000-square-foot building at $180 million to $190 million.
Taconic partners Paul Pariser and Charles Bendit bought the Art Deco former Warner Bros. editing facility at 619 W. 54th St. for $112 million in 2012 and began a capital improvement program.
Facing DeWitt Clinton Park to its south, the 10-story structure has tech- and life-science-friendly floor plates of just over 32,000 square feet, high ceilings, speedy wiring, light, air and Hudson River views.
Taconic has made attempts to sell the building, including one last year via CBRE, but it joined a graveyard of uncompleted sales doomed by the uncertain markets in the wake of the presidential campaign.
Now, the newly revitalized Cushman & Wakefield capital markets team led by Douglas Harmon and Adam Spies has successfully marketed the stake.
