{"id":1004118931,"date":"2015-05-07T06:40:56","date_gmt":"2015-05-07T14:40:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004118931"},"modified":"2022-12-08T22:24:13","modified_gmt":"2022-12-09T06:24:13","slug":"rxr-shells-out-big-for-helmsley-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rxr-shells-out-big-for-helmsley-building\/","title":{"rendered":"RXR Shells Out Big for Helmsley Building"},"content":{"rendered":"

By Scott Baltic, Contributing Editor\"Helmsley<\/a><\/i><\/p>\n

In one of the largest office building sales so far this year in New York City, a joint venture of Invesco and Monday Properties has sold 230 Park Ave. to RXR Realty for $1.2 billion, it was announced Tuesday.<\/p>\n

The 34-story, 1.4-million-square-foot trophy property, also known as the Helmsley Building, had been acquired by Invesco Real Estate in 2011 for $760 million. The building is currently 94 percent occupied to tenants such as Swiss Re, Voya Financial, Clarion Partners, Reed Elsevier, ING, HSH Nordbank and Simon Property Group.<\/p>\n

Built in 1929, 230 Park Ave. was designed and constructed by Warren and Wetmore, who also designed Grand Central Terminal, as the headquarters for the New York Central Railroad.<\/p>\n

An owner and operator of 230 Park Ave. since 2002, Monday Properties put about $200 million into repositioning the building, including several interior restoration projects involving improvements to the lobby, restrooms, common corridors and custom wall coverings, as well as the installation of a 700-LED fa\u00e7ade lighting system.<\/p>\n

Monday also worked with the Landmarks Preservation Commission in renovating all passenger elevator cabs and visitor welcome centers. Both HVAC and electrical service were upgraded throughout the building.<\/p>\n

These investments resulted in awards that included five BOMA awards (including Outstanding Building of the Year in the Mid-Atlantic Region and 2015 Historic Building of the Year), 2014 Historical Building of the Year and the Design Award of Merit from the Society of American Registered Architects.<\/p>\n

In addition, a series of renovations improved energy efficiency and carbon emissions, earning the building both the EPA Energy Star rating and the rare LEED-EB Gold certification.<\/p>\n

\"Anthony<\/a>

Anthony Westreich, Monday Properties<\/p><\/div>\n

\u201cWe are value-add investors and take a global macroeconomic approach to our investments, which led to our partnership\u2019s decision to sell 230 Park Ave. at this time,\u201d Monday Properties founder & CEO Anthony Westreich told Commercial Property Executive<\/i>. \u201cWe are seeing historically low interest rates throughout the world drive capital toward cash-yielding fixed assets such as real estate in established and liquid markets like New York City, where currency risk is much less volatile.\u201d<\/p>\n

\u201cThis creates a perfect supply-and-demand curve where capital availability is far outpacing the relatively static supply of available trophy quality assets like 230 Park Ave.,\u201d he added. \u201cThis dynamic created a very competitive sales process leading to multiple offers in what we believe is a seller\u2019s market.\u201d<\/p>\n

Richard Giusto, Danielle Gonzalez and Michael Lynott of Greenberg Traurig represented Invesco Advisers in the sale. Monday Properties was represented by a team led by Julian Wise, a real estate partner with Schulte Roth & Zabel, with assistance from special counsel Seth \u00a0Henslovitz.<\/p>\n","protected":false},"excerpt":{"rendered":"

In one of the largest office building sales so far this year in New York City, a JV of Invesco and Monday Properties has said goodbye to a historic Manhattan property.<\/p>\n","protected":false},"author":882,"featured_media":1004118935,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,21742,10,21747],"tags":[],"class_list":["post-1004118931","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"\nRXR Shells Out Big for Helmsley Building - 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\/rxr-shells-out-big-for-helmsley-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RXR Shells Out Big for Helmsley Building\" \/>\n<meta property=\"og:description\" content=\"In one of the largest office building sales so far this year in New York City, a JV of Invesco and Monday Properties has said goodbye to a historic Manhattan property.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/rxr-shells-out-big-for-helmsley-building\/\" \/>\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=\"2015-05-07T14:40:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T06:24:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/Helmsley-bldg.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2050\" \/>\n\t<meta property=\"og:image:height\" content=\"2800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rxr-shells-out-big-for-helmsley-building\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/rxr-shells-out-big-for-helmsley-building\/\",\"name\":\"RXR Shells Out Big for Helmsley Building - 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