Sales Beat

Purchase of Thor Equities’ 530 Bway Closes at $326M [Updated]

530 Broadway

A joint venture led by Jeff Sutton’s Wharton Properties has nabbed a three-building site at 530 Broadway from Joseph Sitt‘s Thor Equities for $326 million. The sale closed on March 6 and appeared in public records today.

The retail mogul bought the 11-story property to extend his dominance in Soho. It hit the market in February 2013 and Mr. Sitt agreed to sell it to the new owners that September.  Read More

On the Market

Socony-Mobil Building on the Market

Socony-Mobil Building. (Credit: PropertyShark)

The Sacony-Mobil Building, a 1.7 million-square-foot office tower at 150 East 42nd Street is on the market, according to Bloomberg News. The building’s owner, Hiro Real Estate, a Japanese investment firm, is asking $900 million for the long-term leasehold.

The building is 90 percent occupied and has two major tenants, Wells Fargo and Mount Sinai Hospital, which each occupy approximately 500,000 square feet. The 42-story tower is located less than a block from Grand Central Terminal. Read More

Sales Beat

Oxford Properties Group to Buy 450 Park Avenue

450 Park Avenue. (Credit: ProeprtyShark)

Oxford Properties Group, a division of the Ontario Municipal Employees Retirement System, has agreed to acquire 450 Park Avenue from Somerset Partners and Michael Tabor for $575 million. The sale values the 33-story office tower at over $1,700 per square foot, according to The New York Times, which first reported the deal.

“A lot of pension funds, Asian companies, sovereign funds and other investors are increasing their allocations for real estate,” Douglas Harmon of Eastdil Secured, who brokered the deal, told the Times. “If you do that, the first place you want to be is Manhattan.” Read More

On the Market

Vornado Asking $650 M. for 1 Park Ave.


Vornado Realty Trust is reportedly planning to sell 1 Park Avenue and is seeking roughly $650 million for the office tower.

The real estate investment trust, which has interests in more than 20 million square feet of Manhattan office space, has hired Douglas Harmon and Adam Spies of Eastdil Secured to market the 20-story, 925,000-square-foot Read More

Sales Beat

Time Warner Sells Headquarters Space, Will Move to Hudson Yards

Time Warner Center. (Courtesy Property Shark)

A venture of the Related Companies, the Abu Dhabi Investment Authority and Singapore’s GIC has purchased the office space of Time Warner Inc. at the Time Warner Center for $1.3 billion, the seller announced today.

Time Warner will relocate its corporate headquarters and New York City employees from Columbus Circle to Related’s Hudson Yards. The company has made an “initial financial commitment” to the development, according to a press release. Time Warner has agreed to lease back office space in the Time Warner Center until 2019, when the development at Hudson Yards is expected to be complete. Read More

Mortgage Observer

Blackstone Mortgage Trust Execs Talk Growth, Strategy at New Commercial REIT on Heels of 2Q13 Results

Blackstone Mortgage Trust

In early July, Jonathan Gray, Blackstone’s global head of real estate, appeared on CNBC in an exclusive interview with the network. Dubbed Most Powerful Man in Real Estate—this ran in a banner during the 12-minute segment—Mr. Gray outlined the strategy behind Blackstone’s recently launched mortgage REIT, Blackstone Mortgage Trust.

With a mid-summer rising of rates at the front of most minds, Mr. Gray explained what, at the heart of it, apart from the Blackstone name, makes the endeavor a safer bet. “Blackstone Mortgage Trust is a floating rate lender,” he told David Faber, the co-anchor of Squawk on the Street. “Rising rates for this vehicle are better.”

Read More

Related Hudson Yards

Going, Going, but not Gone Yet: No Related Bid for Sotheby’s Headquarters


Related Companies has not bid on Sotheby’s Upper East Side headquarters as part of a deal to bring the international auction house to Hudson Yards, a source familiar with the matter told The Commercial Observer.

Earlier reports suggested Related was eyeing a bid for the property at 1334 York Avenue. The reported deal, a 1031 tax-free exchange, would see Sotheby’s buy or lease a significant portion of the 750,000-square-foot retail podium connecting the first two Hudson Yards office towers, according to a story yesterday in the New York Post. Read More

Mortgage Beat

$310 M. 120 Broadway CMBS Loan Closes

120 Broadway.

Mortgage Observer Weekly  has learned that a $310 million CMBS loan on 120 Broadway closed last week, likely at a rate in the mid-2 percent range. Wells Fargo originated the loan.

A previous CMBS loan on the building had an outstanding balance of $215 million. Originated back in May of 2006, it was set to mature in June 2013, according to data from Trepp. Read More