Office valuations continue to plunge in Manhattan's office sector, with the sale of a century-old 20-story office building in Midtown South setting the latest benchmark approaching a 50% discount.
Sovereign Partners are in contract to buy 100-104 Fifth Avenue for $125M from Clarion Partners in an all-cash deal. The sale price is nearly half the $230M that Clarion paid for the property a decade ago, TheRealDeal reported.
Clarion bought the 270K SF building in 2013 for about $800 per SF and is selling it in a deal that translates to roughly $450 per SF, according to the report.
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