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.
