{"id":9,"date":"2017-02-13T00:25:56","date_gmt":"2017-02-13T00:25:56","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=9"},"modified":"2026-04-07T17:08:29","modified_gmt":"2026-04-07T14:08:29","slug":"top-nyc-office-deals-2016","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/top-nyc-office-deals-2016\/","title":{"rendered":"Top NYC Office Deals of 2016"},"content":{"rendered":"<h4>Key findings:<\/h4>\n<ul>\n<li><em>Though office leasing activity took a respite in 2016, sales activity remained strong: 7 assets\u00a0fetched more than $1B in 2016;<\/em><\/li>\n<li><em>Manhattan reigns as the main target for investors\u201419 of the 20 largest office transactions closed in the borough;<\/em><\/li>\n<li><em>The largest office deal of the year was CalPERS\u2019 $1.9B acquisition of 787 Seventh Ave. in Manhattan;<\/em><\/li>\n<li><em>One Brooklyn asset\u00a0also made its way among the 20 largest office deals of 2016\u2014the Jehovah\u2019s Witnesses\u2019 Watchtower Building<\/em> <em>sold for $340 million.<\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/ny\/new-york-city\/\" target=\"_blank\" rel=\"noopener noreferrer\">New York City commercial real estate<\/a>\u00a0has seen its share of ups and downs in 2016. In the midst of political uncertainty, office leasing activity in Manhattan dropped to the lowest level since 2009, and companies chose to wait for the election results before making any major commitments, according to <a href=\"http:\/\/www.jll.com\/new-york\/en-us\/Pages\/RemoteResearch.aspx?URL=http:\/\/www.jll.com\/united-states\/en-us\/research\/7848\/new-york-office-market-q4-2016\">JLL<\/a>. Moreover, though office activity remains concentrated here, more and more investors are also shifting their focus towards the outer boroughs, where sale prices are much lower. According to a <a href=\"https:\/\/www.marcusmillichap.com\/research\/researchreports\">Marcus &amp; Millichap<\/a> report, the average price per square foot exceeded $1,000 for high-end office properties in Manhattan, while prices for suburban assets in Brooklyn or Queens hover in the mid-$300&#8217;s to mid-$400&#8217;s per square foot range.<\/p>\n<h3>Top 20\u00a0New York City Office Sales in 2016<\/h3>\n<p>Though prices in Manhattan continue to surge and the competition for quality office assets is fierce, the borough is still the main target for institutional investors, and they\u2019ve kept very busy in 2016\u2014<a href=\"https:\/\/www.propertyshark.com\/mason\/\">PropertyShark<\/a> data shows that 19 of the 20 largest office deals of the past year closed in the same borough. The 7 largest sales topped the $1 billion mark, while the largest office deal of the year closed for nearly $2 billion.<\/p>\n\n<table id=\"tablepress-5\" class=\"tablepress tablepress-id-5\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">#<\/th><th class=\"column-2\">Sale price<\/th><th class=\"column-3\">Address<\/th><th class=\"column-4\">Borough<\/th><th class=\"column-5\">Buyer<\/th><th class=\"column-6\">Seller<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">1<\/td><td class=\"column-2\">$1,932,900,000<\/td><td class=\"column-3\">787 7th Avenue<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">CalPERS<\/td><td class=\"column-6\">AXA Real Estate<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">2<\/td><td class=\"column-2\">$1,767,913,114<\/td><td class=\"column-3\">388-390 Greenwich Street<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">Citigroup<\/td><td class=\"column-6\"> SL Green Realty<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">3<\/td><td class=\"column-2\">$1,649,000,000<\/td><td class=\"column-3\">1285-1297 Avenue of the Americas<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\"> RXR Realty <\/td><td class=\"column-6\"> AXA Real Estate<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">4<\/td><td class=\"column-2\">$1,400,000,000<\/td><td class=\"column-3\">550 Madison Avenue<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">The Olayan Group<\/td><td class=\"column-6\">The  Chetrit Group<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">5<\/td><td class=\"column-2\">$1,152,970,000<\/td><td class=\"column-3\">1095 Avenue of the Americas<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">Hong Kong Monetary Authority<\/td><td class=\"column-6\">Ivanhoe Cambridge + Callahan Capital Partners<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">6<\/td><td class=\"column-2\">$1,150,000,000<\/td><td class=\"column-3\">63 &amp; 200 Madison Avenue<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">Jamestown<\/td><td class=\"column-6\">George Comfort &amp; Sons + Loeb Partners Realty<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">7<\/td><td class=\"column-2\">$1,030,000,000<\/td><td class=\"column-3\">1221 Avenue of the Americas<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">China Investment Corporation<\/td><td class=\"column-6\">Canada Pension Plan Investment Board<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">8<\/td><td class=\"column-2\">$913,623,081<\/td><td class=\"column-3\">1211 Avenue of the Americas<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">Ivanhoe Cambridge<\/td><td class=\"column-6\">Beacon Capital Partners<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">9<\/td><td class=\"column-2\">$700,000,000<\/td><td class=\"column-3\">1 New York Plaza<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">China Investment Corporation<\/td><td class=\"column-6\">Brookfield Properties<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">10<\/td><td class=\"column-2\">$565,000,000<\/td><td class=\"column-3\">1250 Broadway<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">Global Holdings<\/td><td class=\"column-6\">Jamestown<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">11<\/td><td class=\"column-2\">$561,000,000<\/td><td class=\"column-3\">7 West 34th Street<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">Korea Post<\/td><td class=\"column-6\">Vornado Realty Trust<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">12<\/td><td class=\"column-2\">$525,000,000<\/td><td class=\"column-3\">693 5th Avenue<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">Fimalac<\/td><td class=\"column-6\">Thor Equities<\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">13<\/td><td class=\"column-2\">$480,000,000<\/td><td class=\"column-3\">11 Madison Avenue<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">PGIM Real Estate<\/td><td class=\"column-6\">SL Green Realty<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">14<\/td><td class=\"column-2\">$463,000,000<\/td><td class=\"column-3\">850 3rd Avenue<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">MHP Real Estate Services<\/td><td class=\"column-6\">Shorenstein<\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td class=\"column-1\">15<\/td><td class=\"column-2\">$453,000,000<\/td><td class=\"column-3\">885 3rd Avenue<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">Ceruzzi Properties + Shanghai Municipal Investment USA<\/td><td class=\"column-6\">SL Green Realty<\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td class=\"column-1\">16<\/td><td class=\"column-2\">$420,000,000<\/td><td class=\"column-3\">501 West 30th Street<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">Allianz Real Estate of America<\/td><td class=\"column-6\">Related Companies<\/td>\n<\/tr>\n<tr class=\"row-18\">\n\t<td class=\"column-1\">17<\/td><td class=\"column-2\">$340,000,000<\/td><td class=\"column-3\">51 Furman Street<\/td><td class=\"column-4\">Brooklyn<\/td><td class=\"column-5\">Kushner Companies<\/td><td class=\"column-6\">Jehovah's Witnesses<\/td>\n<\/tr>\n<tr class=\"row-19\">\n\t<td class=\"column-1\">18<\/td><td class=\"column-2\">$334,068,741<\/td><td class=\"column-3\">285 Madison Avenue<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">RFR Realty<\/td><td class=\"column-6\">GreenOak Real Estate + East End Capital + Downtown Properties<\/td>\n<\/tr>\n<tr class=\"row-20\">\n\t<td class=\"column-1\">19<\/td><td class=\"column-2\">$330,000,000<\/td><td class=\"column-3\">433-447 9th Avenue<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">Cove Property Group<\/td><td class=\"column-6\">EmblemHealth<\/td>\n<\/tr>\n<tr class=\"row-21\">\n\t<td class=\"column-1\">20<\/td><td class=\"column-2\">$280,000,000<\/td><td class=\"column-3\">1700 Broadway<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">Ruben Companies<\/td><td class=\"column-6\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<h4>1. CalPERS Shells Out $1.9B for Midtown Manhattan Building<\/h4>\n<p>The largest office deal of the past year in NYC was the $1.93 billion sale of AXA Equitable Center at 787 Seventh Ave. in Manhattan. In early February, the <a href=\"http:\/\/www.sacbee.com\/news\/business\/article59314608.html\"><em>Sacramento Bee<\/em><\/a> reported that the California Public Employees\u2019 Retirement System (CalPERS) had acquired the 51-story, 1.6 million-square-foot office tower located between West 51<sup>st<\/sup> and West 52<sup>nd<\/sup> streets from AXA Financial. Built in 1985, the 1.6 million-square-foot building is LEED certified and offers major street exposure on Seventh Avenue. The property also includes 49,000 square feet of retail space, a parking garage and access to the underground concourse of Rockefeller Center, according to data from <a href=\"http:\/\/www.propertyshark.com\/mason\/Property\/15376\/787-7-Ave-New-York-NY-10019\/\">PropertyShark<\/a>.<\/p>\n<div id=\"attachment_5166\" style=\"width: 635px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/787-Seventh-Avenue.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-5166\" class=\"wp-image-5166 size-full\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/787-Seventh-Avenue.jpg\" alt=\"787 Seventh Avenue\" width=\"625\" height=\"500\" srcset=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/787-Seventh-Avenue.jpg 625w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/787-Seventh-Avenue.jpg?resize=150,120 150w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/787-Seventh-Avenue.jpg?resize=375,300 375w\" sizes=\"auto, (max-width: 625px) 100vw, 625px\" \/><\/a><p id=\"caption-attachment-5166\" class=\"wp-caption-text\">787 Seventh Avenue<\/p><\/div>\n<h4>2. Citi Nabs TriBeCa Office Asset for $1.8B<\/h4>\n<p>At the start of June 2016, Citigroup paid $1.76 billion to repurchase its TriBeCa headquarters from SL Green Realty. The sale was a portfolio transaction that included 1.9 million square feet of office space and 1,200 square feet of retail at 388 Greenwich St., and 765,244 square feet of office space at 390 Greenwich St., according to <a href=\"https:\/\/www.yardimatrix.com\/\">Yardi Matrix<\/a>. The bank had sold the two assets to SL Green and Ivanhoe Cambridge back in 2007 for a $1.6 billion price tag, as reported by <a href=\"https:\/\/therealdeal.com\/2016\/06\/13\/citigroup-closes-on-1-8b-repurchase-of-tribeca-hq-from-sl-green\/\"><em>The Real Deal<\/em><\/a>. The eight-story building at 390 Greenwich and the 39-story tower at 388 Greenwich were both leased out to Citigroup at the time of sale.<\/p>\n<div id=\"attachment_5167\" style=\"width: 410px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/388-Greenwich-Street.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-5167\" class=\"wp-image-5167 size-full\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/388-Greenwich-Street.jpg\" alt=\"388 Greenwich Street\" width=\"400\" height=\"500\" srcset=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/388-Greenwich-Street.jpg 400w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/388-Greenwich-Street.jpg?resize=120,150 120w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/388-Greenwich-Street.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/a><p id=\"caption-attachment-5167\" class=\"wp-caption-text\">388 Greenwich Street<\/p><\/div>\n<h4>3. RXR Realty Seals $1.6B Deal on Avenue of the Americas<\/h4>\n<p>The third largest NYC office transaction of the past year closed in May, when RXR Realty acquired the former Equitable Building at 1285 Avenue of the Americas for $1.64 billion. According to <a href=\"http:\/\/www.crainsnewyork.com\/article\/20160520\/REAL_ESTATE\/160529992\/rxr-realty-buys-1285-sixth-ave-for-nearly-2-billion-one-of-the-largest-office-building-acquisitions-this-year\"><em>Crain\u2019s New York Business<\/em><\/a>, the purchase made RXR the third largest office owner in the city, alongside Vornado Realty Trust and Boston Properties, based on <a href=\"https:\/\/www.commercialcafe.com\/blog\/tag\/cre-term-market-value\/\" target=\"_blank\" rel=\"noopener noreferrer\">market value<\/a>. The 39-story tower at 1285-1297 Avenue of the Americas features 1.5 million square feet of office space and nearly 30,000 square feet of retail, according to <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/15377\/1285-1297-Avenue-Of-The-Americas-New-York-NY-10019\/\">PropertyShark<\/a>, and in 2009 became the largest office building in the state of New York to earn LEED Silver certification.<\/p>\n<div id=\"attachment_5168\" style=\"width: 410px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/1285-Avenue-of-the-Americas.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-5168\" class=\"wp-image-5168 size-full\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/1285-Avenue-of-the-Americas.jpg\" alt=\"1285 Avenue of the Americas\" width=\"400\" height=\"500\" srcset=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/1285-Avenue-of-the-Americas.jpg 400w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/1285-Avenue-of-the-Americas.jpg?resize=120,150 120w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/1285-Avenue-of-the-Americas.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/a><p id=\"caption-attachment-5168\" class=\"wp-caption-text\">1285 Avenue of the Americas<\/p><\/div>\n<h4>4. Sony Building Changes Hands for $1.4B<\/h4>\n<p>The Midtown Manhattan landmark formerly known as the Sony Building found new ownership in late May, when Saudi conglomerate Olayan Group and London-based minority partner Chelsfield agreed to pay $1.4 billion to acquire it from Chetrit Group. ING subsidiary ING Capital provided a $570 million bridge loan for the acquisition. According to the <a href=\"https:\/\/www.ft.com\/content\/dc16e9dc-0acc-11e6-9456-444ab5211a2f\"><em>Financial Times<\/em><\/a>, the previous owner had planned to convert the 37-story office tower into luxury condominiums, and had been clearing the 776,000 square feet of office space, leaving it effectively vacant. Olayan stated it would take this opportunity to rebrand the iconic building and reconfigure the existing space. The Class A, 827,686-square-foot property built in 1983 includes first-floor retail and parking space and is just 6 miles away from La Guardia airport, according to <a href=\"https:\/\/www.commercialcafe.com\/commercial-property\/us\/ny\/new-york\/550-madison-avenue\/\">CommercialCafe<\/a> data.<\/p>\n<div id=\"attachment_5169\" style=\"width: 410px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/550-Madison-Avenue.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-5169\" class=\"wp-image-5169 size-full\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/550-Madison-Avenue.jpg\" alt=\"550 Madison Avenue\" width=\"400\" height=\"500\" srcset=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/550-Madison-Avenue.jpg 400w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/550-Madison-Avenue.jpg?resize=120,150 120w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/550-Madison-Avenue.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/a><p id=\"caption-attachment-5169\" class=\"wp-caption-text\">550 Madison Avenue<\/p><\/div>\n<h4>5.\u00a0Hong Kong Monetary Authority Buys 49% Interest in 3 Bryant Park<\/h4>\n<p>Real Summit Investment, a subsidiary of the Hong Kong Monetary Authority\u2019s Exchange Fund, paid $1.1 billion in August to acquire a 49% ownership stake in 3 Bryant Park (otherwise known as 1095 Avenue of the Americas). The property was acquired by Ivanhoe Cambridge in January 2015 for a whopping $2.2 billion, the second-largest sale of the year, according to data from Yardi Matrix. Located in Hell\u2019s Kitchen in Manhattan, the 42-story tower totals 1.2 million square feet of space, including 105,658 square feet of retail. Originally completed in 1972, the building was completely renovated in 2008 and is LEED Silver-certified.<br \/>\n<em>The 7\u00a0largest office deals to close in New York City last year topped the $1 billion mark, proof that investor appetite remains high and companies are willing to pay big bucks to own property here. Though activity was primarily focused on Manhattan, one Brooklyn property also made the list in 2016, fetching a hefty price tag of $340 million. See more office highlights below:<\/em><\/p>\n<div id=\"attachment_5256\" style=\"width: 650px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/8704.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-5256\" class=\"wp-image-5256 size-full\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/8704.jpg\" alt=\"1095 Avenue of the Americas\" width=\"640\" height=\"800\" srcset=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/8704.jpg 640w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/8704.jpg?resize=120,150 120w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/8704.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><p id=\"caption-attachment-5256\" class=\"wp-caption-text\">1095 Avenue of the Americas<\/p><\/div>\n<h4>News Corporation Building Goes to Ivanhoe Cambridge<\/h4>\n<p>Midway through June, Ivanhoe Cambridge and partner Callahan Capital Properties acquired the remaining 49% interest in 1211 Avenue of the Americas for $914 million. The joint venture partners had bought a 51% share in the building from Beacon Capital Partners back in 2013, according to <a href=\"https:\/\/www.cpexecutive.com\/post\/ivanhoe-callahan-seal-895m-nyc-deal\/\"><em>Commercial Property Executive<\/em><\/a>. Originally built in 1973, the 45-story tower incorporates nearly 2 million square feet of office space and more than 21,000 square feet of retail, according to <a href=\"https:\/\/www.propertyshark.com\/mason\/Property-Report\/?propkey=15347\">PropertyShark<\/a> data. High-profile tenants include 20<sup>th<\/sup> Century Fox and 21<sup>st<\/sup> Century Fox, News Corp., New York Post and The Wall Street Journal.<\/p>\n<div id=\"attachment_5170\" style=\"width: 410px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/1211-Avenue-of-the-Americas.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-5170\" class=\"wp-image-5170 size-full\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/1211-Avenue-of-the-Americas.jpg\" alt=\"1211 Avenue of the Americas\" width=\"400\" height=\"500\" srcset=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/1211-Avenue-of-the-Americas.jpg 400w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/1211-Avenue-of-the-Americas.jpg?resize=120,150 120w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/1211-Avenue-of-the-Americas.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/a><p id=\"caption-attachment-5170\" class=\"wp-caption-text\">1211 Avenue of the Americas<\/p><\/div>\n<h4>Thor Equities Closes $525M Deal on Fifth Avenue<\/h4>\n<p>Thor Equities closed on a major deal in the summer, selling its office and retail property at 693 Fifth Avenue for $525 million\u2014nearly four times what it paid for it in 2010. According to the <a href=\"https:\/\/commercialobserver.com\/2016\/05\/thor-selling-693-fifth-avenue-at-four-times-2010-price\/\"><em>Commercial Observer<\/em><\/a>, the company bought the asset for $142.5 million in 2010 and landed Valentino as a tenant for the 19,600-square-foot retail portion of the building. The fashion brand reportedly shelled out a whopping $3,000 per square foot for the space. The 20-story property at 693-695 Fifth Avenue features 81,369 square feet of office space and was acquired by French billionaire Marc Ladreit de Lacharri\u00e8re, chair and CEO of holding company Fimalac.<\/p>\n<div id=\"attachment_5171\" style=\"width: 410px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/693-Fifth-Avenue.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-5171\" class=\"wp-image-5171 size-full\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/693-Fifth-Avenue.jpg\" alt=\"693 Fifth Avenue\" width=\"400\" height=\"500\" srcset=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/693-Fifth-Avenue.jpg 400w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/693-Fifth-Avenue.jpg?resize=120,150 120w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/693-Fifth-Avenue.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/a><p id=\"caption-attachment-5171\" class=\"wp-caption-text\">693 Fifth Avenue<\/p><\/div>\n<h4>SL Green Sells $480M Stake in 11 Madison Avenue<\/h4>\n<p>The $2.3 billion sale of 11 Madison Ave. made the news in May 2015, as one of the largest-ever transactions in New York City history. One year later, owner SL Green Realty sold a 40% stake in the 29-story, 2.3 million-square-foot tower to PGIM Real Estate, the real estate investment arm of Prudential Financial Inc., according to <em><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2016-08-11\/sl-green-sells-40-stake-in-manhattan-s-11-madison-ave-tower\">Bloomberg<\/a><\/em>. The $480 million transaction closed in August 2016. 11 Madison offers major street exposure on Madison Avenue and Park Avenue South, and was completely renovated in 1997.<\/p>\n<div id=\"attachment_5261\" style=\"width: 650px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/11-Madison.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-5261\" class=\"wp-image-5261 size-full\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/11-Madison.jpg\" alt=\"11 Madison Avenue\" width=\"640\" height=\"800\" srcset=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/11-Madison.jpg 640w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/11-Madison.jpg?resize=120,150 120w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/11-Madison.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><p id=\"caption-attachment-5261\" class=\"wp-caption-text\">11 Madison Avenue<\/p><\/div>\n<h4>Jehovah\u2019s Witnesses\u2019 Watchtower Building Lands New Owner<\/h4>\n<p>The Brooklyn headquarters of Jehovah\u2019s Witnesses changed hands in August for $340 million\u2014one of the largest deals to ever close in the borough. A partnership between CIM Group, Kushner Cos. and LIVWRK acquired the 739,000-square-foot landmark from Watchtower Real Estate, with plans to turn it into a world-class office campus. The 2.3-acre site carries the addresses of 25, 30, 50 and 58 Columbia Heights and 55 Furman St., and is conveniently situated nearby the Brooklyn Bridge and Brooklyn Bridge Park. According to the <a href=\"http:\/\/www.brooklyneagle.com\/articles\/2016\/8\/5\/jehovahs-witnesses-will-start-moving-out-brooklyn-heights-headquarters-september\"><em>Brooklyn Daily Eagle<\/em><\/a>, Jehovah\u2019s Witnesses personnel started moving in September to upstate Warwick, N.Y., to a newly built headquarters facility.<\/p>\n<div id=\"attachment_5173\" style=\"width: 1433px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/Watchtower-Building.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-5173\" class=\"wp-image-5173 size-full\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/Watchtower-Building.jpg\" alt=\"Jehovah's Witnesses Watchtower Building (courtesy of Joan Martinez Sanchez via Google Maps)\" width=\"1423\" height=\"1010\" srcset=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/Watchtower-Building.jpg 1423w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/Watchtower-Building.jpg?resize=150,106 150w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/Watchtower-Building.jpg?resize=423,300 423w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/Watchtower-Building.jpg?resize=768,545 768w\" sizes=\"auto, (max-width: 1423px) 100vw, 1423px\" \/><\/a><p id=\"caption-attachment-5173\" class=\"wp-caption-text\">Jehovah&#8217;s Witnesses Watchtower Building (courtesy of Joan Martinez Sanchez via Google Maps)<\/p><\/div>\n<h4>Hell\u2019s Kitchen Asset Commands $330M Price Tag<\/h4>\n<p>Back in December, Cove Property Group and Baupost Group closed on the acquisition of 441 Ninth Avenue in Midtown West, for $330 million. The joint venture landed a $220 million loan from Deutsche Bank to purchase the Hell\u2019s Kitchen asset from EmblemHealth, <a href=\"https:\/\/therealdeal.com\/2016\/12\/12\/cove-property-secures-220m-loan-to-buy-441-ninth-ave\/\"><em>The Real Deal<\/em><\/a> reported at the time. The insurance firm is set to vacate the building over the following months. Built in 1962, the eight-story building features 320,000 square feet of office space and a 30,000-square-foot parking garage, as per <a href=\"https:\/\/www.propertyshark.com\/mason\/Property-Report\/?propkey=10326\">PropertyShark<\/a> data. The property is also just one block away from Related Cos.\u2019 and Oxford Properties\u2019 massive Hudson Yards mixed-use development.<\/p>\n<div id=\"attachment_5174\" style=\"width: 635px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/441-Ninth-Avenue.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-5174\" class=\"wp-image-5174 size-full\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/441-Ninth-Avenue.jpg\" alt=\"441 Ninth Avenue\" width=\"625\" height=\"500\" srcset=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/441-Ninth-Avenue.jpg 625w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/441-Ninth-Avenue.jpg?resize=150,120 150w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/441-Ninth-Avenue.jpg?resize=375,300 375w\" sizes=\"auto, (max-width: 625px) 100vw, 625px\" \/><\/a><p id=\"caption-attachment-5174\" class=\"wp-caption-text\">441 Ninth Avenue<\/p><\/div>\n<h4>Ceruzzi Buys Land Beneath Iconic Lipstick Building<\/h4>\n<p>In early February of last year, SL Green sold the land below 885 Third Ave. in Manhattan for a total of $453 million\u2014roughly $713 per square foot. <a href=\"https:\/\/nypost.com\/2016\/02\/09\/ground-beneath-lipstick-building-sold-for-453m\/\"><em>The New York Post<\/em><\/a> reported that the leased fee interest was acquired by investor Louis Ceruzzi\u2019s Ceruzzi Holdings. Completed in 1986, the 554,180-square-foot, 34-story building at 885 Third Ave. features 536,149 square feet of office space, according to <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/21411\/885-3-Ave-New-York-NY-10022\/\">PropertyShark,<\/a> and once housed Bernie Madoff\u2019s offices on the 17<sup>th<\/sup> floor. The property incorporates a 30-foot ceiling and large marble concierge desk in the lobby, and offers easy access to the Lexington Avenue\/53 Street subway station, less than 500 feet away.<\/p>\n<div id=\"attachment_5176\" style=\"width: 410px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/885-Third-Avenue.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-5176\" class=\"wp-image-5176 size-full\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/885-Third-Avenue.jpg\" alt=\"885 Third Avenue\" width=\"400\" height=\"500\" srcset=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/885-Third-Avenue.jpg 400w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/885-Third-Avenue.jpg?resize=120,150 120w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/885-Third-Avenue.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/a><p id=\"caption-attachment-5176\" class=\"wp-caption-text\">885 Third Avenue<\/p><\/div>\n<h4>What&#8217;s Next?<\/h4>\n<p>It\u2019s safe to say that investors will continue to pump money in <a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/ny\/new-york-city\/\" target=\"_blank\" rel=\"noopener noreferrer\">New York City commercial real estate<\/a> in 2017, seeking long-term capital appreciation, as Marcus &amp; Millichap predicts. And though Manhattan remains the busiest borough in terms of office activity, we\u2019re likely to see larger and larger deals closing in the outer boroughs, especially Brooklyn and Queens.<\/p>\n<p><em>Images courtesy of Yardi Matrix<\/em><\/p>\n<h4>Methodology:<\/h4>\n<ul>\n<li><em>Data source: PropertyShark database<\/em><\/li>\n<li><em>Data compiled mid-January 2017<\/em><\/li>\n<li><em>Property type: office buildings<\/em><\/li>\n<li><em>We excluded &#8220;non-arm&#8217;s length&#8221; transactions<\/em><\/li>\n<\/ul>\n<p style=\"text-align: left;\">By Ioana Neamt<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key findings: Though office leasing activity took a respite in 2016, sales activity remained strong: 7 assets\u00a0fetched more than $1B in 2016; Manhattan reigns as the main target for investors\u201419 of the 20 largest office transactions closed in the borough; The largest office deal of the year was CalPERS\u2019 $1.9B acquisition of 787 Seventh Ave.&hellip;<\/p>\n","protected":false},"author":529,"featured_media":5178,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,38,39],"tags":[],"class_list":["post-9","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-office","wpautop"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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