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Shorenstein Buys in NYC for $225M
By Amy Choi - CPN Online
July 27, 2004 - Shorenstein Co. will acquire 125 Park Ave. for roughly $225 million, the latest deal in a wave of New York City office building trades. The Moinian Group was also a contender for the 575,000-square-foot tower that was sold by a subsidiary of GE Capital. It is located across the street from Grand Central Terminal.
"The Shorenstein bid was compelling," said Woody Heller, executive managing director and group head of the capital transactions group at Julien J. Studley Inc. "They offered a large deposit--to go hard in seven days, could close all-cash, and offered to close quickly within our time period. Immediately with the first offer they could satisfy all of the seller's requirements."
Also in Manhattan, Shorenstein owns 450 Lexington Ave., which it purchased in July of 2002. It also holds loans on 350 Madison Ave. and 1440 Broadway.
As for GE, it is not only selling properties. It is also in a buying mode. It is currently under contract with L&L Acquisitions to buy 600 Third Ave. for $212 million from Sumitomo Corp., or $420 per square foot. The investment activity is not exclusive to Midtown. The Moinian Group struck gold Downtown with 180 Maiden Lane, which it is under contract to buy from Paramount Group Inc. for $355 million, or $325 per square foot.
"Investors are more receptive to purchasing Downtown so owners that were on the sidelines waiting to bring to market are bringing them out all at once," said Heller. "The Downtown market suddenly feels safe for investors as a result of more recent transactions."
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