Union Investment Real Estate and Nuveen Sell 1511 Third Avenue Retail Property in Manhattan to Stockbridge
Union Investment Real Estate Real Estate and joint venture partner Nuveen have sold the retail property at 1511 Third Avenue on Manhattan's Upper East Side to Stockbridge, a real estate investment management firm headquartered in San Francisco, California, the Hamburg-based investment manager announced June 16, 2026. The parties agreed not to disclose the financial terms of the transaction.
Property and Tenancy Details
The fully leased building at 1511 Third Avenue comprises 1,625 square meters across four floors plus a basement. The main portion of the ground floor and basement is leased to clothing retailer Gap, while the upper floors are occupied by luxury fitness company Equinox Capital Partners. The asset falls within Union Investment's Prime Urban Retail category.
Joint Venture Background
Union Investment originally acquired 1511 Third Avenue in 2016 as part of a closed joint venture with Nuveen Real Estate — then operating as TH Real Estate — on behalf of its open-ended real estate fund UniImmo: Global, which holds a 49 percent stake in the property. The transaction at the time comprised four retail properties in the United States and represented Union Investment's entry into the U.S. retail market.
The sale of 1511 Third Avenue follows a prior disposition from the same joint venture portfolio. In 2024, Union Investment and Nuveen Real Estate sold the 636 Sixth Avenue retail property in Manhattan's Flatiron District. UniImmo: Global continues to hold a 49 percent stake in two other retail properties from the original joint venture, located in prime retail corridors in San Francisco and Philadelphia.
Strategic Context
Union Investment characterized the sale as part of a broader effort to reduce the U.S. allocation within the UniImmo: Global portfolio. Stockbridge manages assets spanning all major real estate property types throughout the United States.
Brokerage
The CBRE New York retail team, led by Doug Middleton and Jack Stillwagon, acted as broker on the transaction.