With 2015 just around the corner, we thought it would be instructive to look back and see who scored the biggest deals in terms of real estate investment in 2014.
The top 10 commercial real estate transactions in New York City totaled more than $6 billion this year, with Manhattan standing out as the hottest investment market of the five boroughs. According to research data from PropertyShark, in 2014 all of New York City’s ten largest deals by value went down in Manhattan, where increased demand keeps office rents at an elevated level.
Without further ado, here are NYC’s top 10 commercial real estate transactions of 2014:
The only multifamily property that made our top 10 real estate transactions list, 305 – 315 East 86 Street on the Upper East Side was purchased by a partnership of Stellar Management and The Chetrit Group for $395 million. The seller was real estate management company Schneider & Schneider Inc.
Dubbed Yorkshire Towers, the apartment building was built in 1964 and contains 695 residential units.
75 Rockefeller Plaza is a 33-story Class A office building situated in the heart of Rockefeller Center, on 51st Street between 5th and 6th Avenue in Midtown Manhattan.
RXR plans to start a large renovation to reposition the 582,428-square-foot property. Renovation highlights include the restoration of the façade’s limestone and base metalwork, retail and lobby enhancements, and upgrades to mechanical systems and infrastructure.
#8. 685 5 Avenue
Thor Equities, in partnership with General Growth Properties, acquired 685 Fifth Avenue in Midtown Manhattan from Gucci America, Inc. for $460 million.
Ideally located at the corner of Fifth Avenue and 54th Street, the building comprises 115,300 square feet of luxury retail and prime office space.
#7. 212 Broadway
RREEF, the real estate investment business of Deutsche Bank’s Asset Management division, acquired 212 Broadway, a 756,138-square-foot Class A office tower in the Financial District from Beacon Capital Partners LLC. The deal came with a $502 million price tag.
#6. 450 Park Avenue
Oxford Properties Group acquired 450 Park Avenue, a 33-story mixed-use office tower in Manhattan’s Plaza District, from Somerset Partners LLC for $545 million, or $1,838 per square foot. Built in 1972 and renovated in 2006, the 296,915 square-foot skyscraper was designed by Emery, Roth & Sons.
The high-profile building is home to Phillips’ flagship gallery, a first class space featuring a 20,000 square foot auction and exhibition gallery.
Oxford is the real estate arm of Canadian pension fund OMERS Worldwide Group of Companies. In 2010, Oxford Properties Group teamed with Related Companies as general partners in the 28-acre Hudson Yards development.
#5. One Wall Street
The Bank of New York Mellon Corp. sold its headquarters tower at 1 Wall Street in lower Manhattan to a joint venture led by Macklowe Properties for $585 million. The landmark Art Deco skyscraper features 1,165,659 square feet of premier office space.
After considering a move across the Hudson River to Jersey City, BNY Mellon agreed to lease approximately 350,000 square feet on floors 17 to 23 at 225 Liberty Street – one of the five office towers within the eight-million-square-foot Brookfield Place complex in Lower Manhattan.
#4. 745 Fifth Avenue
Designed by architects Buchman and Kahn and completed in 1930, the 35-story office tower at 745 Fifth Avenue in Midtown Manhattan boasts some impressive views of Central Park and Grand Army Plaza.
This premier Plaza District building contains 393,244 square feet of office space and 66,076 square feet of retail space. The property’s first three floors are home to Bergdorf Goodman Men’s Store, a leading men’s clothing store.
New York-based Thor Equities LLC partnered with Chicago-based General Growth Properties Inc. (GGP) and RXR Realty of Uniondale, N.Y. for the purchase of 530 Fifth Avenue in Manhattan, in a deal worth $595 million.
The 26-story building contains approximately 480,000 square feet of prime office space and another 55,000 square feet of retail space, fronting on Manhattan’s famed Fifth Avenue. The seller was a venture formed of Rockwood Capital, Jamestown, Crown Acquisitions and Murray Hill Properties.
#2. 65 East 55TH Street, a.k.a. Park Avenue Tower
In a $750 million deal, Blackstone Group LP has acquired Park Avenue Tower in New York City from San Francisco-based Shorenstein Properties LLC.
Located at 66 East 55th Street in Midtown Manhattan, the 528,562-square foot office building is anchored by law firm Paul Hastings LLP which leases 16 of the building’s 35 floors. The property’s upper floors have Central Park views and spectacular cityscape views looking south down Park Avenue.
Time Warner Realty, Inc. landed the top position with the sale of its Manhattan headquarters. The media company sold the 1.1 million square feet of office space it owned in Time Warner Center for $1.3 billion to a group led by Related Cos. Additionally, Time Warner inked a deal to lease back its offices at Columbus Circle until early 2019 when it plans to relocate to the Hudson Yards megaproject on the west side of Manhattan.
Time Warner expects to acquire more than 1 million square feet of the available commercial space in 30 Hudson Yards located at the southwest corner of 10th Avenue and 33rd Street. Approximately 5,000 employees from Time Warner’s corporate operations and its HBO, Turner Broadcasting, and Warner Bros. businesses will be relocated to the new, state-of-the-art office space.