Royal Dutch Shell Pension Fund sold the lease to San Francisco-based Shorenstein's SRI 6 fund. The US Postal Service owns the building. The Post Office also will continue to own the ground and the building under the 32-story tower at 45th Street and Lexington Avenue. Details of the transaction have not been released, but published reports put it at around $300 million.
The fund's third acquisition marks Shorenstein's first major New York office building purchase. Last month, the Shorenstein fund invested in Two Liberty Place, a 1.2 million square foot building in downtown Philadelphia. The fund already holds a major downtown Chicago office building, 500 W. Monroe.
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