December 2007
The Archives
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December 27, 2007Manhattan Tower Sells for $1B
New York
Silverstein Properties and the California State Teachers’ Retirement System (CalSTRS) have joined together to purchase the Manhattan Tower located at 1177 Avenue of the Americas for just over $1 billion. The 47-story tower consists of just over one million square feet, making the sale about $1000 per square foot.The art deco tower was designed by Swanke Hayden Connell Architects and construction was completed in 1992. the tower is home to tenants including; Pricewaterhouse Coopers LLC, Dickstein Shapiro Movin & Oshinsky, and Krmaer Levin Naftalis & Frankel.
The seller, Paramount Group, was represented by Wayne Maggin of Eastdil Secured and Peter Spies of Goldman Sachs. CB Richard Ellis Investors represented the buyers.
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December 3, 2007280 Park Avenue Sold For $1.28B
New York
Broadway Partners and Investcorp Real Estate have joined together to purchase 280 Park Avenue Istithmar for $1.28B. The Property consists of two towers totaling 1,237,000 square feet, making the sale just over $1000 per square foot. The Dubai based firm Istithmar purchased the towers in June 2006 for $1.2B. The towers stand tall at 31 and 43 stories, bridged together by a 14th floor mid-rise section. Tenants of the towers include, Deutsche Bank, The National Football League, Credit Suisse and Investcorp. Broadway Partners and Investcorp will reportedly each hold a 50% stake in the towers.
recent articles
- Manhattan Tower Sells for $1B
- 280 Park Avenue Sold For $1.28B
- Germans buy the Rookery for $73M
- Professional Packaging Systems Leases 104,000SF
- Surface Guard Leases 107,000SF
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