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.
