Abu Dhabi-backed Carlyle to sell $162m Time Square tower block

The Washington DC private equity firm is set to double its investment in just over 12 months
Image for illustrative purposes only.
By Staff writer
Thu 16 Oct 2014 11:26 AM

The Carlyle Group, the US private equity firm in which Abu Dhabi’s Mubadala Development Company owns a 7.5 percent stake, is part of a deal to sell a Time Square New York office block for $162 million, according to reports in the US.

The building at 570 Seventh Avenue is owned by The Carlyle Group and US real estate equity firm Capstone Equities and is being sold to real estate trust American Realty Capital, The Real Deal New York real estate website reported.

The $162 million price tag for the 167 square foot property in Manhattan is nearly double the $83 million Carlyle and Capstone paid for the property in July 2013.

Carlyle Group was founded in 1987 and currently has assets totalling around $31.5bn. Abu Dhabi wealth fund Mubadala bought its 7.5 percent stake the company in 2007.

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