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Two Office Closings Total More Than $300M

NEW YORK CITY-With the $158-million sale of 450 Park Avenue now officially over and done, energies are being focused on finalizing the $148-million deal on its quasi-sibling property at 1370 Avenue of the Americas. GlobeSt.com reported on both transaction in April.

By Glen Thompson | Updated on June 07, 2002

NEW YORK CITY-Sales of two major office buildings are expected to close roughly a week apart, which is fitting, as the properties are strikingly similar in size, history and appearance. Moreover, the same broker is involved in both deals.

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.

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