Shorenstein Takes 125 Park

NEW YORK CITY-The San Francisco-based Shorenstein Co. is in contract to purchase 125 Park Ave. for $225 million in a deal slated to close in approximately 45 days. The company has issued a “no comment” on the deal until that time, however a source close to the deal tells GlobeSt.com that Shorenstein is likely to place a $140 to $150 million mortgage on the site.

This is the company’s second outright purchase here for its sixth investment fund. Shorenstein acquired the 933,000-sf 450 Lexington Ave two years ago. Earlier this year, Shorenstein closed Shorenstein Realty Investors Seven, its latest office real estate investment fund with total committed equity of $775 million and a capacity to acquire approximately $2.2 billion in office assets.