{"id":1004072393,"date":"2013-05-09T07:20:17","date_gmt":"2013-05-09T15:20:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004072393"},"modified":"2022-12-06T06:04:36","modified_gmt":"2022-12-06T14:04:36","slug":"hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\/","title":{"rendered":"Hines Sells 2 Manhattan Trophy Towers for $1B-Plus"},"content":{"rendered":"
\"\"<\/a>

American Realty Advisors won the competition for 499 Park Ave. in Midtown Manhattan.<\/p><\/div>\n

By Gail Kalinoski, Contributing Editor<\/p>\n

Two Midtown Manhattan trophy towers owned by Hines have been sold to separate buyers for a combined total of more than $1 billion, the company announced yesterday. \u00a0American Realty Advisors won the competition for 499 Park Ave., and J.P. Morgan Asset Management has acquired 425 Lexington Ave.<\/p>\n

Hines did not disclose the prices of the individual assets, only the combined total. Two media outlets reported that 425 Lexington Avenue traded for between $650 million and $750 million. But Tommy Craig, senior managing director of Hines\u2019 New York City office, disputed those reports. \u201cNothing that has been released has been accurate nor has it been verified,\u201d he told CPE.<\/span><\/p>\n

Craig said potential buyers were invited to bid on one or both of the towers. \u201cThere were several combined bids,\u201d he said. \u201cBut we were really after the highest pricing asset by asset.\u201d He reported that that both assets \u201chad a very high and very deep level of interest for all types of capital.\u201d<\/p>\n

\u201cWe were very pleased with the outcome of this competitive sales process,\u201d Sherri Schugart, senior managing director, president & CEO of Hine\u2019s Core Fund, added in a statement. \u201cThese trophy assets will deliver exceptionally strong returns to our investors.\u201d<\/p>\n

Both buildings were both owned by a subsidiary of Hines U.S. Core Office Fund L.P. Hines put the buildings up for sale in February and, in an unusual move, tapped competitors Eastdil Secured and CBRE Group Inc. to jointly market the properties.<\/p>\n

\"\"<\/a>

J.P. Morgan Asset Management is the successful bidder for 425 Lexington Ave., located across from Grand Central Terminal in Midtown Manhattan.<\/p><\/div>\n

\u201cWe were very pleased with the work that CBRE and Eastdil have done and particularly have done together,\u201d Craig told CPE. He noted that Hines has \u201cactive and very deep relations with both firms.\u201d<\/p>\n

Located on the southeast corner of 59th<\/sup> Street and Park Avenue, 499 Park is a 28-story, 300,000-square-foot office tower designed by I.M. Pei & Partners and completed in 1980. Hines has its eastern regional office in the building. Other tenants include M. Safra and Cantor Fitzgerald.<\/p>\n

The second property, 425 Lexington, is a 31-story, 750,000-square-foot office building designed by Helmut Jahn of Murphy\/Jahn. It occupies the block between 43rd<\/sup> and 44th<\/sup> streets and is located directly across from Grand Central Terminal. The building has been fully occupied since its completion in 1987. The original anchors, Simpson Thacher & Bartlett L.L.P. and CIBC, are still tenants.<\/p>\n

Last month, Hines announced that Simpson Thacher had renewed its lease for 595,000 square feet through August 2033. Craig suggested that the extension boosted the property\u2019s value. \u00a0\u201cWithout the Simpson Thacher lease, the building might have been completely empty in five years,\u201d he said. \u201cWe know that the Simpson Thacher lease was accretive to value.\u201d<\/p>\n

Craig told CPE that Hines plans to reinvest the proceeds from the sales in New York City. He explained that the sale of 499 Park and 425 Lexington \u201creinforces our predilection to put capital into gateway markets like New York and Washington.\u201d<\/p>\n

On the Manhattan development front, Hines is partnering with investment entity Pacolet Milliken and institutional investors advised by J.P. Morgan Asset Management to build 7 Bryant Park, a 28-story, tower that will have feature 470,000 square feet of state-of-the art office space<\/a>. Construction began in February at the former site of 1045 Sixth Avenue, located between 39th<\/sup> and 40th<\/sup> Streets. Completion is scheduled for 2015, \u00a0\u00a0Craig said.<\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

American Realty Advisors won the competition for 499 Park Ave., and J.P. Morgan Asset Management has acquired 425 Lexington Ave.<\/p>\n","protected":false},"author":445,"featured_media":1004072398,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21782,21808,21783,1600,21742],"tags":[],"class_list":["post-1004072393","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-development","category-featured","category-investment","category-new-york","category-latest"],"acf":[],"yoast_head":"\nHines Sells 2 Manhattan Trophy Towers for $1B-Plus - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hines Sells 2 Manhattan Trophy Towers for $1B-Plus\" \/>\n<meta property=\"og:description\" content=\"American Realty Advisors won the competition for 499 Park Ave., and J.P. Morgan Asset Management has acquired 425 Lexington Ave.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-05-09T15:20:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-06T14:04:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/499Park1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"419\" \/>\n\t<meta property=\"og:image:height\" content=\"650\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Paul Rosta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\\\/\"},\"author\":{\"name\":\"Paul Rosta\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ed97e8245f278ce01a7b951f706152af\"},\"headline\":\"Hines Sells 2 Manhattan Trophy Towers for $1B-Plus\",\"datePublished\":\"2013-05-09T15:20:17+00:00\",\"dateModified\":\"2022-12-06T14:04:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\\\/\"},\"wordCount\":599,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/05\\\/499Park1.jpg\",\"articleSection\":[\"Brokerage\",\"Development\",\"Featured\",\"Investment\",\"New York\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\\\/\",\"name\":\"Hines Sells 2 Manhattan Trophy Towers for $1B-Plus - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/05\\\/499Park1.jpg\",\"datePublished\":\"2013-05-09T15:20:17+00:00\",\"dateModified\":\"2022-12-06T14:04:36+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ed97e8245f278ce01a7b951f706152af\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/05\\\/499Park1.jpg\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/05\\\/499Park1.jpg\",\"width\":\"419\",\"height\":\"650\",\"caption\":\"American Realty Advisors won the competition for 499 Park Ave. in Midtown Manhattan.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Hines Sells 2 Manhattan Trophy Towers for $1B-Plus\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ed97e8245f278ce01a7b951f706152af\",\"name\":\"Paul Rosta\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/9c1c95e152828621b403b03a53198a2cb762882a74877838d5ccb2f54ebd769f?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/9c1c95e152828621b403b03a53198a2cb762882a74877838d5ccb2f54ebd769f?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/9c1c95e152828621b403b03a53198a2cb762882a74877838d5ccb2f54ebd769f?s=96&d=mm&r=g\",\"caption\":\"Paul Rosta\"},\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/paul-rosta-2\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Hines Sells 2 Manhattan Trophy Towers for $1B-Plus - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\/","og_locale":"en_US","og_type":"article","og_title":"Hines Sells 2 Manhattan Trophy Towers for $1B-Plus","og_description":"American Realty Advisors won the competition for 499 Park Ave., and J.P. Morgan Asset Management has acquired 425 Lexington Ave.","og_url":"https:\/\/www.commercialsearch.com\/news\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2013-05-09T15:20:17+00:00","article_modified_time":"2022-12-06T14:04:36+00:00","og_image":[{"width":419,"height":650,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/499Park1.jpg","type":"image\/jpeg"}],"author":"Paul Rosta","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\/"},"author":{"name":"Paul Rosta","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/ed97e8245f278ce01a7b951f706152af"},"headline":"Hines Sells 2 Manhattan Trophy Towers for $1B-Plus","datePublished":"2013-05-09T15:20:17+00:00","dateModified":"2022-12-06T14:04:36+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\/"},"wordCount":599,"commentCount":0,"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/499Park1.jpg","articleSection":["Brokerage","Development","Featured","Investment","New York","News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.commercialsearch.com\/news\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\/","url":"https:\/\/www.commercialsearch.com\/news\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\/","name":"Hines Sells 2 Manhattan Trophy Towers for $1B-Plus - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/499Park1.jpg","datePublished":"2013-05-09T15:20:17+00:00","dateModified":"2022-12-06T14:04:36+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/ed97e8245f278ce01a7b951f706152af"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/499Park1.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/499Park1.jpg","width":"419","height":"650","caption":"American Realty Advisors won the competition for 499 Park Ave. in Midtown Manhattan."},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/hines-sells-2-manhattan-trophy-towers-for-more-than-1b-for-hines\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Hines Sells 2 Manhattan Trophy Towers for $1B-Plus"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/ed97e8245f278ce01a7b951f706152af","name":"Paul Rosta","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/9c1c95e152828621b403b03a53198a2cb762882a74877838d5ccb2f54ebd769f?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/9c1c95e152828621b403b03a53198a2cb762882a74877838d5ccb2f54ebd769f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9c1c95e152828621b403b03a53198a2cb762882a74877838d5ccb2f54ebd769f?s=96&d=mm&r=g","caption":"Paul Rosta"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/paul-rosta-2\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/499Park1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004072393","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/445"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004072393"}],"version-history":[{"count":2,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004072393\/revisions"}],"predecessor-version":[{"id":1004620487,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004072393\/revisions\/1004620487"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004072398"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004072393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004072393"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004072393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}