The private equity firm’s expansion coincides with a number of important shifts in the New York office market. As part of a wider effort to downsize and consolidate its office portfolio across the U.S., Meta spent roughly $413 million terminating leases in the third quarter of 2022, with an additional $900 million directed toward office realignment in the fourth quarter. Likewise, other tech companies — which had been the major driving forces behind office development in recent years — have also taken a more cautious stance amid layoffs and increasing costs of borrowing.

Built in 2001, 300 Kimball was most recently renovated in 2013. It had an occupancy rate of 87% at the time of the sale. Specifically, the property’s tenant roster includes the likes of commercial property insurer FM Global; medical device manufacturer and distributer embecta; engineering and environmental consulting service provider Langan; and Western World Insurance/AIG.

The property at 3 Times Square — also known as the Thomson Reuters Building — was built in 2001 by the Rudin family, who have been invested in upgrading the property throughout the last couple of years. Architectural firm FXCollaborative was brought in to redesign the building’s lobby and handle the integration of other improvements, such as the touchless entry system; a new elevator system; and an amenity space on the 16th floor with a dining area and a coffee bar, as well as a conference and event center.

Located between West 53rd and West 54th streets, the tower totals 525,825 square feet. Built in 1965 and renovated in 2007, the Emery Roth & Sons-designed building has had a tumultuous couple of decades. Purchased at the height of the commercial real estate market in 2006 by Harry Macklowe, it commanded a whopping $498 million. Three years later, in the midst of the financial crisis, Macklowe had to auction it off. In 2010, RXR bought the tower off Otera for about $400 million. Five years later, Blackstone became the majority stake owner after it scooped up the property as part of a six-asset portfolio deal.

The deal will allow Greater St. Louis Inc. — which already occupies space on the 13th floor of the building — to lease out the entire 22nd floor, which had previously hosted coworking space provider WeWork. The move is expected to be completed by spring 2023.

Designed by Ely Jacques-Kahn, 10 Grand Central has undergone major renovations since 2019. The effort — lead by David Burns, principal of Studios Architecture — was part of Marx Realty’s repositioning strategy for the 359,000-square-foot tower. Notably, the new façade features soaring marquee brass fins and oversized walnut doors. The lobby has also been refurbished, boasting a 7,500-square-foot indoor/outdoor lounge and club floor. The property also has a 40-seat conference space and a 1930s-inspired garden party outdoor space, dubbed The Ivy Terrace.