Midtown manhattan’s 245 Park Ave. was 2022’s most expensive office sale. However, the top 10 list included 8 other markets, underlining the degree of interest that commercial real estate investors have for office markets besides NYC.

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.