{"id":1004141541,"date":"2016-04-11T01:01:14","date_gmt":"2016-04-11T09:01:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004141541"},"modified":"2020-05-14T03:42:53","modified_gmt":"2020-05-14T11:42:53","slug":"mhp-buys-half-billon-dollar-office-building-in-nyc","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mhp-buys-half-billon-dollar-office-building-in-nyc\/","title":{"rendered":"MHP Buys Half-Billon-Dollar Office Building in NYC"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/em><\/p>\n

\"850<\/a>

850 Third Ave., New York<\/p><\/div>\n

New York<\/strong>\u2014Perhaps it\u2019s going to be an annual ritual. One year after announcing the acquisition of a major New York City office<\/a> property, MHP Real Estate Services<\/a> has snapped up another. The company recently partnered with Chinese conglomerate HNA Property Holdings<\/a> on the purchase of 850 Third Ave., a premier office tower in Midtown Manhattan. MHP and HNA shelled out $463 million for the 617,000-square-foot asset, taking it off the hands of Shorenstein Properties<\/a> in an off-market transaction.<\/p>\n

A 21-story building with ground level retail, 850 Third first opened its doors in 1962. Today, the Emery Roth & Sons-designed tower is home to the likes of the city of New York, Radio One and Discovery Communications, which anchors the building with a 165,000-square-foot space.<\/p>\n

It\u2019s not a bad time to own office property in Midtown, but according to MHP, it\u2019s a really good time to own in Midtown East.<\/p>\n

\u201cThe Midtown East office market is experiencing an extraordinary renaissance that will further redefine the city, and reshape a time-tested enclave of New York business,\u201d Norman Sturner, CEO of MHP Real Estate Services, said in a prepared statement. “The East Side Rezoning efforts, along with the area’s existing transportation infrastructure and addition of the Second Avenue subway line, have created new opportunities for growth, and we’re excited to be part of this movement.” The vacancy rate in Midtown East is just 5.7 percent, according to a first quarter 2016 report by Cushman & Wakefield.<\/p>\n

Morgan Stanley<\/a> provided MHP and HNA with financing for the acquisition of 850 Third, including a $210 million gap mortgage, per New York City records. Lenders like the property; in 2014, MetLife Inc. provided then-owner Shorenstein with $170 million in financing<\/a> to replace a $180 million loan that had been obtained from Deutsche Bank in 2010.<\/p>\n

MHP will serve as operating partner of 850 Third\u2019s joint venture ownership, and HNA will hold the position of majority partner.<\/p>\n

MHP is no stranger to big Manhattan office deals. In January 2015, the real estate investment and management company revealed it had joined forces with Clarion Partners to acquire 180 Maiden<\/a>, a 1.2 million-square-foot office tower in the Financial District, for approximately $470 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

A joint venture between MHP Real Estate Services and China-based HNA Property Holdings paid a hefty price for 850 Third Ave. in Manhattan.<\/p>\n","protected":false},"author":969,"featured_media":1004141542,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21825,21783,1600,21742,10,21747],"tags":[],"class_list":["post-1004141541","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-finance","category-investment","category-new-york","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"\nMHP Buys Half-Billon-Dollar Office Building in NYC - 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\/mhp-buys-half-billon-dollar-office-building-in-nyc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MHP Buys Half-Billon-Dollar Office Building in NYC\" \/>\n<meta property=\"og:description\" content=\"A joint venture between MHP Real Estate Services and China-based HNA Property Holdings paid a hefty price for 850 Third Ave. in Manhattan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/mhp-buys-half-billon-dollar-office-building-in-nyc\/\" \/>\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=\"2016-04-11T09:01:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-14T11:42:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/850-Third-Avenue.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"725\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\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\/mhp-buys-half-billon-dollar-office-building-in-nyc\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/mhp-buys-half-billon-dollar-office-building-in-nyc\/\",\"name\":\"MHP Buys Half-Billon-Dollar Office Building in NYC - 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