While the sale price has not been disclosed, published reports last October said the property was under contract for $62.5 million. 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. Ackman Ziff Chazen Realty Advisors put together the JV for Transwestern.
This was the second go-round for 248,000-sf property, which first 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 Edward Chasen 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 252,000-sf building is notable for its dramatic stepped design--floorplates range from more than 14,000 sf on the lower floors to less than 4,000 sf up top.
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