Hines has selected buyers for its properties at 499 Park Avenue and 425 Lexington Avenue, it was announced today. The properties, part of the Hines U.S. Core Office Fund, are set to be acquired by American Realty Advisors and institutional investors advised by J.P. Morgan Asset Management, respectively, for a combined total of over $1 billion.
“New York has demonstrated a capacity for large scale capital transactions,” Tommy Craig, senior managing director at Hines, told The Commercial Observer. “That has been validated [in these transactions.]”
Hines has been busy on the investment and development side over the past few months. After breaking ground at 7 Bryant Park in February, officials at the 56-year-old firm announced in March that they would put up for sale its properties at 499 Park Avenue and 425 Lexington, both part of the Hines Core Fund. Read More
From a Taconic Investment Partners project in Hunts Point to the World Trade Center site in Lower Manhattan, power in New York real estate circles has increasingly expanded from the comfortable confines of Midtown Manhattan to the fringes of all five boroughs. While large developments such as the Related Company’s Hudson Yards often dominate the conversation, Brooklyn, Queens and even the Bronx continue to grow in stature.
Long Island City is fast becoming a focal point for the real estate industry as Rockrose and other residential developers tap into the growing Queens neighborhood. In the Bronx, Taconic Investment Partners, formerly the owners of 111 Eighth Avenue, is in the process of a significant capital improvement plan at the BankNote Building on Lafayette Avenue in Hunt’s Point.
Below, a sampling of where power thrives in New York City in 2013.
Law firm Simpson Thacher & Bartlett LLP has renewed its lease of 595,000 square feet at 425 Lexington Avenue despite the property being marketed for sale.
The firm’s new lease is a 15-year extension from 2018, expiring in 2033. Asking rents were not disclosed.
Developers broke ground at 7 Bryant Park yesterday, with a consortium of public officials including Mayor Michael Bloomberg gathering to pitch the trophy office tower as a boon for the city.
Politicians are touting the planned 28-story, 470,000-square-foot steel and glass tower, slated for completion in the first quarter of 2015, as a magnet for good jobs, talent and companies.
“The best days are still to come to Bryant Park – a place the city has worked hard to bring roaring back to life,” Mr. Bloomberg said at the ceremony, adding that the project will bring “more top-tier, cutting-edge commercial space, and more leading companies and their tax revenue to Midtown Manhattan.”