NEW YORK CITY-Underscoring the fertile sales market for investment grade buildings, Boston Properties has reportedly sold its 23-story office building at 125 W. 55th Stt. for $470 million to J.P. Morgan Asset Management, according to Crain's New York Business.

The 552,000-square-foot structure, known as Avenue of the Americas Plaza, was developed by Macklowe Properties, completed in 1990 and sold to Boston Properties in 2008, according to the paper. As previously reported, Boston Properties purchased the building for approximately $444 million in a deal that also included the GM Building at 767 Fifth Ave. and Two Grand Central Tower. The sale was done after Macklowe defaulted on several mortgages, according to previously published reports.

Boston Properties owned a 60% stake in the building, while the remaining stake was split between Meraas Capital and a fund run by Goldman Sachs, known as US Real Estate Opportuni

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Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.

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