"Demand for premium office space in the Midtown area remains strong, particularly among the financial and professional services firms," notes Christopher Perez, VP of locally based Mitsui Fudosan America, which owns the property. "This transaction fits well with our strategy of attracting and retaining high quality tenants as we continue to develop our portfolio assets and explore strategic acquisitions in the New York market."
[IMGCAP(2)]Perez continues that "these sectors have continued to experience tremendous growth despite recent market volatility, and are generally compelled to maintain a solid presence in the heart of Manhattan." MFA purchased 2.4-million-sf building in 1986 from Exxon Corp. and the Rockefeller Group for $610 million, according to reports.
"As we considered venues for our growing operations, 1251 Avenue of the Americas stood out because of its superior facility, management, and location," explains Putnam Coes, COO of Paulson & Co. Inc. "Throughout the process, we were very impressed with Mitsui Fudosan America's professionalism and responsiveness."
MFA continues to grow its US portfolio, with a strong focus on the New York City, San Francisco, Boston, Chicago, Washington, DC and Los Angeles markets. In 2007, MFA acquired significant holdings in New York and San Francisco, following acquisitions of two properties in Washington, DC in 2006. The company also owns two substantial development sites in Downtown Los Angeles.
The building at 1251 Avenue of the Americas is in the heart of Midtown Manhattan and has been continually upgraded, with the most recent addition being the renovation of the outdoor plaza and fountain in 2006. The building is 100% leased to premier tenants, according to a MFA statement.
Further information was unavailable by deadline including taking rent and the aggregate lease value, however lease rates break the $100-per-sf mark, according to a prepared statement.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
