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Himmel & Meringoff JV Acquires 360 Lexington Ave.

NEW YORK CITY-Transwestern sells the building, which went under contract last month for $62.5 million. Ackman Ziff put together the JV. The deal closed last week.

By Glen Thompson | Updated on January 21, 2003

NEW YORK CITY-Transwestern Investment Co. last week closed on its sale of 360 Lexington Ave., the 26-story office tower located at the corner of 40th Street. The buyer is a joint venture of Himmel & Meringoff Properties and a major US institutional investor.

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.

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