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Lexington Ave. Building to Sell for $325 Mil

NEW YORK CITY-Beverly Hills oil billionaire Marvin Davis is nearly ready to sign final papers for the purchase of 450 Lexington Ave., a 40-story office tower adjacent to Grand Central Station.

By Glen Thompson | Updated on November 26, 2001

NEW YORK CITY-The 40-story office tower at 450 Lexington Ave., on the block since last spring, has found a buyer in Beverly Hills oil baron Marvin Davis, published reports say.

Owned by Royal Dutch/Shell Group’s Pension Fund, Eastdil Realty is arranging what is said to be a sale in the neighborhood of $325 million for the building, which is located at Lexington Avenue and 45th Street, immediately north of Grand Central Station’s Graybar building. The facility has 900,000-sf of office space sitting atop a United States Postal Service Office facility.

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