New York Commercial Real Estate | 2 minute read
Top 20 Most Expensive NYC Office Sales in 2015
BY Roxana Baiceanu | Jan 13, 2016
In 2015, several of the trophy buildings in Financial District and Central Midtown in Manhattan found new owners among the big buyers of office space in NYC and we mined our data for the top 20 most expensive office building sales:
1. 730-734 5 Avenue, Manhattan
Sale price: $1,775,000,000
730-735 5 Avenue
This was a truly stellar deal in 2015! The Crown Building, located in Midtown, was purchased by General Growth Properties, a Chicago-based company. The building has an excellent location and it offers both office space and much wanted retail space along 5th Avenue.
2. 230 Park Avenue, Manhattan
Sale Price: $1,207,000,000
230 Park Avenue
Another iconic NYC property, The Helmsley Building was purchased by RXR Realty in partnership with the Blackstone Group, according to The Real Deal.
3. 575-589 Lexington Avenue
Sale price: $510,000,000
575-589 Lexington Avenue
Purchased by Angelo Gordon & Co., this deal might seem small when compared to the top 2 properties on our list. However, considering the building cost its previous owner $360,000,000 in 2012, the sale could be proof of rising prices in the NYC office segment.
Check out the other top 20 mega office sales of the year which just closed. (Only one of the office buildings that made the top is not located in Manhattan!)
Top 20 NYC Office Sales in 2015
| # | Address | Neighborhood | Sale Price | Date | Buyer | Seller |
|---|---|---|---|---|---|---|
| 1 | 730-734 5 Avenue | Central Midtown | $1,775,000,000 | 17 Apr. | 730 Fifth Retail LLC & 730 Fifth Upper, LLC | Lexington Building Co. LLC |
| 2 | 230 Park Avenue | Central Midtown | $1,207,000,000 | 5 May | Rxr Hb Owner LLC | 230 Park Avenue Holdco, LLC |
| 3 | 575-589 Lexington Avenue | Turtle Bay | $510,000,000 | 27 Aug. | 575 Lex Property Owner LLC C/O Angelo Gordon & Co Lp | Maple Reep-Ofc 575 Lex Owner, Lp |
| 4 | 1330-1336 Avenue Of The Americas | Central Midtown | $507,042,000 | 18 Jun. | Bpprxr 1330 Holdings LLC | Rxr 1330 Sixth Avenue Jv Lp |
| 5 | 25-01 Jackson Avenue | Hunters Point | $480,209,708 | 1 Sep. | Court Square Sref Investors, LLC & Court Square Sref Property Investors, LLC & Waterbridge Court Square Po LLC | Colfin Pgress Jv L P. & Waterbridge Court Square Investors LLC |
| 6 | 180 Maiden Lane | Financial District | $470,000,000 | 7 Jan. | Downtown NYC Owner LLC | Almah LLC |
| 7 | 340-342 West Street | Hudson Square | $401,500,840 | 21 Aug. | Atlas Sjc LLC &Cf Sjp LLC &Fcof B Sjp LLC | Sjc6A Jv, LLC |
| 8 | 120 W 45 Street | Theatre District - Times Square | $365,000,000 | 24 Sep. | Akco T45 LLC &33RD T45 LLC | Slg Tower 45 LLC |
| 9 | 757-765 3 Avenue | Turtle Bay | $355,500,000 | 22 Apr. | Mept 757 Third Avenue LLC | 757 3RD Avenue Associates, LLC |
| 10 | 315-321 Park Avenue S | NoMad | $353,851,113 | 7 Jan. | Columbia Reit - 315 Park Avenue South, LLC | 315 Holdings LLC (Dba 315 Park Holdings LLC) |
| 11 | 1375-1383 Broadway | Garment District | $310,000,000 | 29 May | Gadol 45 Owner, LLC | 1375 Broadway Property Investors Ii, LLC |
| 12 | 1865-1869 Broadway | Lincoln Square | $300,000,000 | 30 Jan. | Avb 1865 Broadway, LLC | American Bible Society |
| 13 | 100 Wall Street | Financial District | $270,000,000 | 13 Jul. | 100 Wall Investments LLC | 100 Wall Street Property LLC |
| 14 | 212-216 5 Avenue | NoMad | $260,000,000 | 20 Jan. | 212 Fifth Avenue Venture LLC | 212 Fifth Avenue Holder LLC |
| 15 | 123-133 William Street | Financial District | $253,000,000 | 27 Mar. | Arc Nyc123WILLIAM, LLC | Eego 123 William Owner, LLC |
| 16 | 364-372 Lexington Avenue | Murray Hill | $247,000,000 | 1 Oct. | Unizo Real Estate NY Three LLC | Sherwood 370 Lexington LLC |
| 17 | 131-133 Spring Street & 135-137 Spring Street | SoHo | $222,200,000 | 4 Aug. | 131 Spring Member LLC | 131 Spring Owner LLC |
| 18 | 386-388 Park Avenue S | NoMad | $201,500,000 | 29 Jan. | 386 Park South LLC | 386 Pas Owner LLC |
| 19 | 77-93 Front Street | Financial District | $197,500,000 | 13 Apr. | 32 Slipstream LLC | Old Slip Property LLC |
| 20 | 837-843 Washington Street | Meatpacking District | $190,031,704 | 30 Jan. | Teachers Insurance And Annuity Association Of | 837 Washington Owner LLC |
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POSTED IN: New York Commercial Real Estate
Roxana is an associate editor with Multi-Housing News and Commercial Property Executive. In the past, she also created content for PropertyShark and Point2Homes’ blog pages. She also has 5 years of experience as a marketing copywriter.
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