In Hines Sight: Morgan Stanley Hub Up for Sale
Laura Kusisto March 4, 2011, 6:06 p.m.
Hines Interests is selling its imposing 36-story, hexagon-topped tower at Seventh Avenue and 48th Street, multiple sources told The Observer.
The Texas-based real estate investment firm, with $22.9 billion in assets worldwide, bought the 600,000-square-foot midtown prize at 750 Seventh Avenue in partnership with General Motors in 2000. The sale price was $150 million, or $260 a square foot.
The city’s 74th-tallest building was completed in 1989 by Solomon Equities, featuring such dubious architectural features as a fake glass chimney, an uncanny resemblance to the neighboring Death Star, and an unmistakable sway in a brisk fall wind. The victim of ’80s overbuilding, it was purchased shortly afterward by Morgan Stanley.
The bank continues to occupy more than 300,000 square feet, or half the tower, and as of this fall was considering consolidating its back offices into a large block of vacant space in the building, across the street from its headquarters, Bloomberg reported. Other major tenants in the building include Mendes and Mount and Ernst & Young.
The building is not officially on the market yet. CB Richard Ellis‘ Darcy Stacom is handling the sale, but she is traveling and could not be reached for comment. Neither the local nor national offices for Hines returned calls.