In the second billion-dollar property sale in Manhattan to close in the past week, Albert Behler's Paramount Group has dealt the 50-story Americas Tower in Times Square to Metro Fund LLC, a joint venture of World Trade Center developer Silverstein Properties and the California State Teachers' Retirement System (CalSTRS).
The 1 million-square-foot midtown trophy tower traded for about $1 billion, or $1,000 per square foot. It sits at 1177 Avenue of the Americas, between 45th and 46th streets, and is 97 percent leased to several prominent law firms including Dickstein, Shapiro, Movin & Oshinsky LLP, Kramer, Levin, Naftalis & Frankel LLP and Bracewell & Giuliani LLP.
Wayne Maggin of Eastdil Secured and Peter Spies of Goldman Sachs represented the Paramount Group in the sale, while CB Richard Ellis Investors represented CalSTRS. The Metro Fund venture handled the deal in-house.
"We leveraged our property management and leasing expertise, along with 1177’s reputation as a preferred address for leading financial and legal firms, to increase occupancy ... and more than double the property’s value in only five years of ownership," Behler said in a statement.
Paramount acquired the property in October 2002 for $409 million, according to CoStar information. Earlier this month, the New York-based property investment group announced the second of two recent property purchases from Deutsche Bank, agreeing to pay $500 million for the 30-story building at 31 W. 52nd St.
In May, Paramount bought the bank's North American headquarters building at 60 Wall St. for $1.2 billion.
The Americas Tower is the latest Manhattan trophy building to meet or exceed the $1,000-per-square-foot threshold, joining a list that includes 1414 Avenue of the Americas, 885 Third Ave. and 450 Park Ave. And just a day before the Americas Tower purchase was announced, SL Green said that it had closed on its $1.57 billion purchase of Citigroup's office complex in lower Manhattan, in a joint venture with Canadian investor SITQ.
Meanwhile, the Silverstein/CalSTRS venture has made its first purchase on the Island since last year, when it purchased 575 Lexington Ave. for $416 million and 99 Church St. for more than $170 million, according to CoStar information.
Please refer to CoStar COMPS #1452282 for more information on this transaction.
source: costar.com
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