Somerset Closes on $509M Buy

[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.