S
entry Realty and 60 Guilders are back in action, acquiring a new office building in Manhattan. The duo, led by Kevin Chisholm's 60 Guilders and Sentry (the real estate arm of American Exchange Group), purchased 1370 Broadway in Midtown South for $75.5 million. Invesco Real Estate sold the property to Sentry Realty after initially buying it for $186 million in 2014.

    A significant discount was achieved, with the sales price representing a $100 million reduction from the original purchase price. Fortress Investment Group provided an acquisition loan of around 65% loan-to-cost, while Newmark's team helped arrange the sale and financing. The property is now 119,000 square feet leased, with two new tenants signing deals for 75,000 square feet before the sale closed.

    This deal marks another successful partnership between Sentry Realty and 60 Guilders, who recently acquired a 26-story Art Deco office building at 292 Madison Avenue for about $90 million. The buyers took advantage of market distress to secure both properties at significantly lower prices than their original valuations. American Exchange Group, the parent company of Sentry Realty, has been making its presence known in commercial real estate with several recent acquisitions, including the purchase of 1375 Broadway earlier this month.