According to a source close to the deal, the retirement fund, as mortgagee of the side, had the option of first refusal on a sale for a set period after bids were submitted. While Taconic cofounder and principal Paul Pariser was bound by confidentiality agreements, he did say that the retirement fund "has exercised its right of first refusal and designated 450 Park LLC to take ownership, which we intend to do in a short period." The LLC is the formal name of the joint venture.

Within weeks of the initial offering, says the source, some 60 odd bids had come in, and included in those was the juicy $160-million offer from RFR Holdings.

Taconic, a long-term holder of its investment properties, will "upgrade and improve the building's position in the market," says Pariser.

Four-fifty Park is a 350,000-sf office asset that includes in its tenant base Vontobel USA and Banco Bradesco. Alfred Dunhill is listed among its retail tenants, although Colliers ABR principal David L. Hoffman Jr is currently searching out a subletting space for Dunhill. Eastdil did not return phone calls.