[IMGCAP(1)]NEW YORK CITY-Locally based Somerset Partners LLC has closed on its 450 Park Ave. acquisition, a deal that was expected to close around September 10 according to initial reports. The sellers of the 32-story class A office property were co-owners Taconic Investment Partners and New York State Common Retirement Fund.
The selling price of the 330,000-sf building, which was first revealed in July, is $509 million. Somerset principals Keith Rubenstein and Marshall Allan headed the transaction for the buyer; Douglas Harmon, senior managing director of Eastdil Secured, represented the seller. Rubenstein confirms to GlobeSt.com that the property was sold for around $1,540 per sf. According to a Bloomberg report, the price tag was the most ever paid for a US office tower on a per-sf basis.
[IMGCAP(2)]Rubenstein tells GlobeSt.com that although the closing was after the original projected date, it happened fairly quickly. “The hold-up was not due to the credit market,” he explains, “it was just a delay in the loan procedures as well as general summer holiday slowdown.”
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