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Two Prime Manhattan Buildings Sold

Commercial News » Done Deals | By WPC Deals Team | May 9, 2013 11:56 AM ET



Hines has announced the sale of two prime commercial buildings in New York City for a total of more than $1 billion.
 
American Realty Advisors agreed to pay $390 million, or $1,300 per square foot for an I.M. Pei-designed 28-story, 300,000-square-foot building on 59th street and Park Avenue. Cantor Fitzgerald and Hines are current tenants.

The price compares to $935 per square foot paid for top Manhattan office buildings over the past year, according to Reuters.
 
Institutional investors advised by J.P Morgan Asset Management have agreed to pay about $700 million, or $933 per square foot for the other Hine building, a 31-story, 750,000-square-foot office tower. 
 
The Helmut Jahn-designed building is located across from Grand Central Station. It is 80 percent occupied by Simpson Thacher & Bartlett LLP, who extended its lease to 2033, reports Reuters. The rest of the building is occupied by Imperial Bank of Commerce. 
 
Both deals are scheduled to close this summer.


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