The $158-million sale of 450 Park Ave., a class A office property located on the southwest corner of 57th St., closed last Monday. The buyer is a joint venture of the New York State Common Retirement Fund and Taconic Investment partners LLC. The asset was purchased from its original developers, 450 Park Avenue Associates LLC, an investment group led by Peter Sharp. Eastdil Realty managing director Douglas Harmon brokered for the seller, while the buyer was self-represented.
The Taconic JV won the day over a crowded field of bidders. Sources tell GlobeSt.com that up to 60 potential buyers had hats in the ring since Sharp put the property on the market in January. Click here to read the original GlobeSt.com story.
Sources close to the deal say the keen interest in 450 Park shifted due west to 1370 Avenue of the Americas, which is also located on a 57th Street corner, once the Park Avenue property was off the market. The $148-million sale of 1370 is expected to close within the next couple of days. Newly formed fund Normandy Real Estate Partners snatched up the property before it hit the market in what an interested party called "a preemptive deal." Eastdil's Harmon represented sellers Westbrook Partners and Stellar Management.
Normandy purchased the asset in joint venture with self-proclaimed "independent" real estate entrepreneur Scott Landis. Welsh, former head of Northeast investments at what is now the Gale Co., says the fund is backed by "a group of high-net-worth" individuals. Clickhere to read the original GlobeSt.com story.
Aside from being located a scant three blocks from one another, the two buildings share a number of similarities: 1370 Sixth Ave. was built in 1971, 450 Park went up a year later; 1370 has 34 floors compared to the 33-story 450 Park; and the 350,000-sf 450 Park Ave. is nearly identical in size to the 339,000-sf 1370 Sixth Ave. Both buildings have relatively small floorplates--roughly 10,000 sf--and cater to high-end boutique tenants.
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