Top 5 Office Building Sales

Source: PropertyShark, a Yardi Systems Inc. company

1. 425 Park Ave., Manhattan
   

   425 Park Ave., Manhattan

   Sale Price: $616,755,253

Safehold Inc., as part of a joint venture with an unnamed sovereign wealth fund, has completed the acquisition of its ground lease on the property. L&L Holding developed the building, which it topped out in December 2018. When completed in December 2020, the asset will include 47 stories totaling 688,461 square feet of space, 8,829 of which will be dedicated retail space on the mezzanine level. The property is subject to a 77-year unsubordinated net ground lease set to expire on July 31, 2090. The Citadel has pre-leased 331,800 square feet. Safehold’s 55 percent stake in the property totaled $340 million of the overall purchase price, as revealed in previous coverage by Commercial Property Executive.

2. 135 W. 50^th St., Manhattan
   Sale Price: $285,000,000

Similar to the property listed above, Safehold Inc. also closed a ground lease on this asset. According to Yardi Matrix, the building’s last owner was UBS Realty Investors, which purchased the asset from MHP Real Estate Services back in July 2006 for $332 million. The 24-story building was developed in 1963 and comprises 925,000 square feet. The asset last underwent renovations in 2001 and is subject to a 104-year unsubordinated net ground lease set to expire on December 31, 2023, according to Yardi Matrix data. Current tenants include Dominus Capital, Insigma, LoanDepot, Bobby Van’s Steakhouse and Men’s Warehouse.

3. 59 Leonard St., Manhattan
   Sale Price: $205,500,000

Columbia Property Trust purchased this 16-story asset from Phillips International, according to Yardi Matrix. Originally completed in 1948, the 240,000-square-foot property was renovated back in 1999 and then underwent cosmetic changes again in 2014. The building is located within the TriBeCa neighborhood and offers floorplates ranging from 1,421 to 16,673 square feet. The building is currently vacant. According to Real Estate Weekly, the sellers—comprising multiple entities—were represented in the deal by an Avison Young team.

4. 40 W. 25^th St., Manhattan
   Sale Price: $121,500,000

This 132,726-square-foot asset located in Gramercy Park was built in 1913 and last underwent renovations in 1993. The 12-story property features 7,965 square feet of retail space on the ground level. Current tenants include Show Place Antique, Ceros, Gradian Health Systems and HelloFresh. The Kaufman Organization purchased the building from Unizo Holdings in a transaction that was subject to a $50 million loan held by Metropolitan Life Insurance Co., according to Yardi Matrix.

5. 307 Seventh Ave., Manhattan
   Sale Price: $115,000,000

Originally an industrial building, the property was converted to office in 1992. The asset last underwent cosmetic renovations in 2016 and includes 11,800 square feet of retail on the ground level. The building totals 197,612 square feet across 24 stories. The most recent owner is listed as Bernstein Real Estate by both Yardi Matrix and PropertyShark. According to Yardi Matrix, in December 2019, the property became subject to a $75 million loan held by Capital One. Current tenants include Integral Electrical Power, Gigi Café, Frank Pizzuro Architects and New York Habitat.