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Jamestown Closes on $1B-Plus Sale

NEW YORK CITY-In one of the largest deals here in a while, Hudson Waterfront Associates takes title to 1290 Ave. of the Americas for approximately $1.25 billion. The nearly two-million-sf Midtown tower is 96% leased.

By Barbara Jarvie | Updated on April 26, 2006

NEW YORK CITY-Hudson Waterfront Associates has closed on its acquisition of 1290 Ave. of the Americas. The nearly two-million-sf office tower traded for approximately $1.25 billion. Jamestown 1290 LP, a joint venture of Jamestown and Apollo Real Estate Advisors, was the seller.

“We sold this more quickly than most of our assets,” Matt Bronfman, managing director of Jamestown, explains. “We are generally hold an asset for seven to 12 years.” He adds that the company sold more quickly in this case because “they approached us with a compelling number. We did have discussions with Apollo before we were approached wherein we discussed a sale. But we had not hired a broker or taken very serious steps.” Jamestown’s proceeds will be returned to its investors.

The purchaser is a newly formed affiliate of entities that recently announced an agreement to sell properties at Riverside South on Manhattan’s West Side for $1.76 billion. CB Richard Ellis’ Stephen B. Siegel, chairman, global brokerage, David Maurer-Hollaender, vice chairman, and Doug Lehman, first vice president, represented Hudson.

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