Socony-Mobil Building on the Market
Gus Delaporte March 18, 2014, 1:15 p.m.
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.
“Given the location, a stone’s throw from Grand Central, this is exactly the type of asset the market is clamoring for right now,” Dan Fasulo, managing director at Real Capital Analytics, told Bloomberg.
Asking rent in the building ranges from $58 to $65 per square foot, according to CoStar data cited by Bloomberg. The Socony-Mobil Tower also boasts 50,000 square feet of retail space at its base, currently occupied by Ann Taylor Loft, CVS and Starbucks. The tenants pay rent well below market rates, Bloomberg reported.
Douglas Harmon and Adam Spies of Eastdil Secured are marketing the property on behalf of Hiro Real Estate.