Sale of office building once worth $332M closes for 97% less [Yahoo! Finance]
CoStar Group, Inc. (CSGP)
Last costar group, inc. earnings: 4/28 04:02 pm
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Source: Yahoo! Finance
That's 97 percent less than the $332.5 million that the seller, Swiss bank UBS, paid for the Midtown property in 2006. The loss on the building at 135 West 50th Street was minimally offset by a $6 million gain UBS realized by buying and selling the ground beneath it in the interim. UBS and its brokers at JLL listed the 920,000-square-foot building for sale on the online platform . The two-day auction kicked off July 30 with a starting bid of $7.5 million. The sale ended the next day after Ten-X lowered the reserve price. The winning bidder, whose identity has yet to hit property records, closed about 70 days later. Ten-X was an unusual place to sell such a large property. Such online listing platforms are often used by owners looking to unload lower-quality, middle-market properties, not where major institutions go to sell big-time assets. UBS might have just been eager to wash its hands of the property and write off the loss, rather than try to salvage more value from an aging
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CSGP
Earnings
- 7/23/24 - Beat
CSGP
Sec Filings
- 8/5/24 - Form 4
- 8/5/24 - Form 4
- 8/5/24 - Form 4
- CSGP's page on the SEC website