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237 Park Draws $455M

NEW YORK CITY-Coming right on the heels of another big buy, Max Capital Management purchases the 1.2 million sf 237 Park Ave., also known as the Atrium.

By Barbara Jarvie | Updated on October 14, 2003

NEW YORK CITY-In it’s second, big dollar purchase in recent weeks, Max Capital Management Corp. completed the $455 million acquisition of 237 Park Ave. Formerly a managing principal in the property, Max Capital now assumes full ownership of the 1.2 million-sf, 21-story office tower located on the full block front between East 45th and East 46th Streets in Midtown. Max Capital purchased the property from Oak Hill Strategic Partners LP an entity associated with Robert M. Bass and his team of investment professionals. The property was acquired in November 1999 for $372 million from Metropolis Realty Trust Inc.

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.

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