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Himmel & Meringoff JV Acquires 360 Lexington Ave.

NEW YORK CITY-Transwestern sells the building, which went under contract in late 2002 for $62.5 million after a previous deal with Rockrose fell through. Ackman Ziff put together the joint venture. 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 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.

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