In April, the company bought the Knickerbocker Hotel at 6 Times Square for about $300 million. In June, 280 Park Ave., a two tower class A office building was purchased from Boston Properties for $1.2 billion. The company also purchased 450 Lexington Ave.
In November 2005, Istithmar made its first play in New York City with the purchase of the Helmsley Building, at 230 Park Ave. The company purchased the office building for $705 million.
Istithmar's move to enter the New York market is in keeping with its current strategies to acquire prime real estate in gateway cities. In October 2005, it also purchased the office building, One Trafalgar Squarein London for $274 million.
Joe Sita, CEO at Istithmar Hotels, said in a press release, "W Hotel Union Square is a premier property in one of the world's most recognized locations. This acquisition reinforces Istithmar's belief in the growth of the hotel sector in New York and is in line with our strategy of investing in luxury hotels in key gateway cities around the world."
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