While industry sources tell GlobeSt.com Himmel & Meringoff agreed to pay $62.5 million for the property, the parties involved did not return calls by press time to confirm the price. Darcy A. Stacom and William M. Shanahan, both EVPs and partners of CB Richard Ellis' New York Tri-State Region, brokered for Transwestern, while the buyer was self-represented. Edward Chazen, president of Ackman Ziff Chazen Realty Advisors, an affiliate of the Ackman Ziff Real Estate Group, put together the JV for Transwestern.
This was the second go-round for 248,000-sf property since it hit the market in May 2002. Rockrose reportedly had it under contract last September for somewhere between $67 million and $70 million, but the deal failed to close. According to industry insiders, the seller expected to walk away with $70 to $72 million for the asset.
In November, Himmel & Meringoff hired Ackman Ziff "to find a JV partner so they could acquire and renovate the building," Ackman's Chazen tells GlobeSt.com. "By the end of December we were under contract and the deal closed last week."
Located in the Grand Central sub-market 360 Lexington Ave. was built in 1957. The building is notable for its dramatic stepped design, with floorplates ranging from more than 14,000 sf on the lower floors to less than 4,000 sf up top.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
