The US Postal Service owns the building and Royal Dutch Shell Pension Fund sold the lease to Shorenstein's SRI 6 fund. The post office also will continue to own the ground and the building under the 32-story tower at 45th Street and Lexington Avenue.

At the recent Los Angeles RealShare Conference, sponsored by Real Estate Media, parent of GlobeSt.com, chairman and CEO Douglas W. Shorenstein said he considered himself a net seller for the immediate future with New York a prime candidate. Shorenstein still owns 125 Park Ave., which it purchased for $225 million, also as part of the sixth investment fund. He added that while the deals are out there, it takes top dollar to secure them and that investors are overpaying to land wanted property. And there's no shortage of money. "The capital is deep. It's gotten ahead of itself."

Last October, Pacific Gold Equities LP, a New York investment group led by Mark Karasick and Werner acquired Shorenstein's 50% stake in three-building, 1.8-million-sf Bank of America Center in San Francisco. The strategy of each fund has been to acquire large, complex and management-intensive office properties in major US markets. Since 1992, Shorenstein has sponsored a series of closed-end real estate investment funds. The company is currently into the seventh fund.