NEW YORK CITY—Sherwood Equities and J.P. Morgan Asset Management have sold 370 Lexington Ave. to Tokyo-based Unizo Holdings for $247 million. The deal for the Class A, 313,000-square-foot building closed Thursday. HHF represented Unizo, Sherwood and J.P. Morgan in the transaction.
“The property at 370 Lexington Avenue, which was always attractive to tenants given its unparalleled location, has significantly appreciated in value following our repositioning of the building,” says Jeffrey Katz, the chief executive and principal owner of Sherwood Equities. “It is the ideal layout for smaller tenants who want access to Midtown's amenities and transportation access, and we are pleased that Unizo recognized its uniqueness.”
In September 2008, Sherwood Equities and institutional investors advised by J.P. Morgan Asset Management purchased 370 Lexington Ave. for $155 million. Responsible for leasing and managing the property, Sherwood chose to reposition the building to appeal to smaller tenants, and constructed 100,000 square feet of prebuilt space. The strategy has worked; today, the 27-story building is 97 percent occupied with over 120 tenants.
Sherwood Equities owns several properties in Manhattan, including 1600 Broadway, Two Times Square, 508 W. 20th St., 500 W. 21st St., 452 Tenth Ave. and 2040 Broadway.
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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.
