Office space in the 100% leased site is advertised for $65 per sf. Tenants include Credit Suisse Asset Management, J. Walter Thompson and Revlon.
The acquisition represents a purchase price of approximately $379 per sf, which was called "an outstanding value in today's market" by Chuck Rosenzweig, managing director of RBS Greenwich Capital, which provided $328 million in fixed-rate financing for the acquisition. "Other Park Avenue properties have traded for upwards of $600 per sf in this calendar year," he added. Additional capital was provided by FMP, a Dutch real estate investment fund.
"237 Park Avenue is a core asset and part of our long term investment strategy," Max Capital CEO Adam C. Hochfelder says.
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