July 24, 2025 | New York City
Rockwood Capital is once again testing the market with its 44-story office tower at 140 East 45th Street, just steps from Grand Central Terminal. The 667,000-square-foot building, known as 2 Grand Central Tower, is being marketed by Eastdil Secured with an asking price above $270 million—a sharp drop from its $580 million target in early 2020.
The timing marks a significant shift in Manhattan's office landscape. Rockwood had purchased the property in 2011 for $401 million from Boston Properties, which had previously acquired it for $428 million. A $260 million loan from MetLife remains on the property, reflecting the financing environment before pandemic-related market softening.
Tenants in the building include high-profile financial and professional services firms like Cigna, Nuvo Group, Deerpath Capital, and Cortec Group. Rockwood’s own NYC office is also located within the tower. Despite strong tenancy, the market’s broader struggles have weighed on valuations, prompting Rockwood to recalibrate its pricing expectations.
This move follows Rockwood’s loss-heavy sale of a Maryland office asset last year and reflects growing pressure across the office sector. Notably, only one office sale in Manhattan has topped $200 million in 2025—the $357 million trade of 2 Park Avenue—signaling a new pricing reality for trophy assets.