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Taconic Investments JV Purchases 450 Park for $158M

NEW YORK CITY-Taconic principal Paul Pariser tells GlobeSt.com that the New York State Common Retirement Fund has "exercised its right of first refusal" and given the go-ahead for a Taconic/NYSCRF acquisition of 450 Park Ave. The move matches RFR Holding's bid.

By John Salustri | Updated on April 11, 2002

NEW YORK CITY-A joint venture between Manhattan based Taconic Investment Partners and the New York State Common Retirement Fund has laid claim to 450 Park Ave., which was put on the block this past January by the estate of former owner Peter Sharp. Sharp was represented by Eastdil Realty. According to sources, the purchase price–$158 million–matches that offered by previous frontrunner RFR Holdings.

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.

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