L&L purchased the building in the third quarter of 2006 for $450 million, according to published reports. A spokeswoman for Morgan Stanley says the firm had not considered purchasing the property several months back.
"With Midtown Manhattan's vacancy at 4.4%, the lowest of any submarket in the United States, we believe we have acquired a high-quality, well-located asset in a market poised for material rental rate growth over the next several years," says Dave Hardman, managing director and head of US Real Estate Investing, Morgan Stanley, in a statement.
The almost one-million-sf building is 95% leased with a variety of tenants and located between 32nd and 33rd streets.
"The acquisition of 2 Park Ave., with its institutional quality tenants, represents a unique opportunity to invest in the Manhattan office market, which is characterized by high barriers to entry, strong demand and limited new supply," Hardman says.
2 Park Ave. was built in 1928 and underwent renovation projects in 1989 and 2006. It was sold in 2003 for $292 million.
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