{"id":1004204348,"date":"2018-01-22T00:47:18","date_gmt":"2018-01-22T08:47:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004204348"},"modified":"2022-12-07T11:23:21","modified_gmt":"2022-12-07T19:23:21","slug":"manhattans-top-10-office-deals-of-2017","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/manhattans-top-10-office-deals-of-2017\/","title":{"rendered":"Manhattan\u2019s Top 10 Office Deals of 2017"},"content":{"rendered":"

New York City remains the largest office market in the U.S. for a number of industries and investors continued to snatch up space at record-high prices. Although transaction activity dropped through the first\u00a0and last quarters of 2017, Manhattan went on attracting capital and generating strong returns. Using Yardi Matrix data, Commercial Property Executive<\/em> compiled a list of the borough\u2019s\u00a0largest office transactions of the past year.<\/p>\n

10. 866 United Nations Plaza<\/h2>\n

\"\"<\/a>The 471,000-square-foot asset traded in a $217.5 million deal in April. Meadow Partners sold the property to The Carlyle Group, after acquiring it in 2013 for $200 million and splitting it up into office condos. The 38-story asset sits right across from the United Nations headquarters and is occupied by missions, consulates and non-governmental organizations.<\/p>\n

9.\u00a080 Broad St.<\/h2>\n

\"\"<\/a>Invesco Real Estate acquired a 95 percent interest in the 36-story property for $232.6 million. The seller, Broad Street Development, kept the remaining 5 percent stake after paying no less than $173 million for the 422,913-square-foot office tower in 2014. The art deco building was completed in 1935 and underwent renovations in 2009 and 2012.<\/p>\n

8.\u00a0HBO Building<\/h2>\n

\"\"<\/a>Formerly known as Bryant Park Building, the 348,786-square-foot\u00a0asset traded for $370 million in March. Brookfield Properties bought it from\u00a0Eugene A. Hoffman Management, which continues to\u00a0own the land. The asset is located at 1100 Avenue of the Americas and houses the Bank of America New York headquarters<\/a>, which takes up the entire space.<\/p>\n

7.\u00a0375 Hudson St.<\/h2>\n

\"\"<\/a>A Trinity Real Estate, Norges Bank and Hines partnership purchased the 1 million-square-foot giant for $464.6 million from Tishman Speyer in August. The sale was funded by a $400 million loan provided by Wilmington Trust, set to mature in August 2027. Situated in Manhattan\u2019s highly desirable, live-work-play neighborhood of Hudson Square, the building overlooks Hudson River and New York Harbor.<\/p>\n

6.\u00a0685 Third Ave.<\/h2>\n

\"\"<\/a>The 646,422-square-foot office tower changed hands in October in a $467.5 million deal. Japanese investor Unizo Holdings purchased it from TIAA and Future Fund, Australia\u2019s sovereign wealth fund. Built in 1960, the asset underwent significant renovations in 2008 and 2013.<\/p>\n

5.\u00a01440 Broadway<\/h2>\n

\"\"<\/a>In December, CIM Group paid $520 million for the former W.O.R. Building. Additionally, Deutsche Bank provided a $330 million acquisition loan. The 756,732-square-foot asset previously traded in 2013 for a slightly higher price, when New York REIT acquired it from Rockpoint Group for $528.7 million.<\/p>\n

4. 85 Broad<\/h2>\n

\"\"<\/a>Ivanhoe Cambridge\u2019s June purchase of the 1.1 million-square-foot office tower is the fourth-largest deal of the list. MetLife Real Estate Investment received $652 million for the 30-story asset, which sits at 85 Broad St. in the borough\u2019s Financial District. The property is subject to a $358.6 million loan financed by Natixis. The mortgage is scheduled to mature in June 2027.<\/p>\n

3. 60 Wall St.<\/h2>\n

\"\"<\/a>The third-largest\u00a0deal on the list\u00a0was closed in January 2017. GIC Real Estate, Singapore\u2019s sovereign wealth fund, purchased a 95 percent stake in the 47-story asset for a little over $1 billion. The sale is subject to a $575 million loan held by Aareal Bank. The property, which is also the Deutsche Bank North American headquarters,\u00a0previously changed hands in 2007 for well over $1.1 billion, when Paramount and Morgan Stanley acquired it from Deutsche Asset & Wealth Management in a sale-leaseback deal.<\/p>\n

2.\u00a0Worldwide Plaza<\/h2>\n

\"\"<\/a><\/p>\n

George Comfort & Sons sold the largest building on the list, the 2 million-square-foot Worldwide Plaza, to New York REIT\u00a0last June for a reported $1.4 billion. Five months later, SL Green Realty Corp. purchased a 48.7 percent stake in the property for $840 million. The sales are backed by three loans totaling $1.2 billion, funded by Deutsche Bank and Goldman Sachs and due in 2027.<\/p>\n

1. 245 Park Ave.<\/h2>\n

\"\"<\/a>Brookfield Properties sold the 1.8 million-square-foot office building to HNA Group for $2.2 billion in May. Wilmington Trust provided a $508.3 million acquisition loan, set to mature in June 2027. The LEED Gold-certified, 45-story building is located near the Grand Central Terminal and is anchored by JP Morgan Chase Bank.<\/p>\n

Images courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Although the first and last quarters of 2017 saw a decline in sales volume, the borough remains one of the priciest and most sought-after markets in the world.<\/p>\n","protected":false},"author":741,"featured_media":1004204402,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1600,21742,10,21747],"tags":[33497,33882,33255,32895,36109,33224],"class_list":["post-1004204348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-brookfield-properties","tag-invesco-real-estate","tag-new-york-reit-inc","tag-sl-green-realty-corporation","tag-the-carlyle-group","tag-tishman-speyer"],"acf":[],"yoast_head":"\nManhattan\u2019s Top 10 Office Deals of 2017 - 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\/manhattans-top-10-office-deals-of-2017\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manhattan\u2019s Top 10 Office Deals of 2017\" \/>\n<meta property=\"og:description\" content=\"Although the first and last quarters of 2017 saw a decline in sales volume, the borough remains one of the priciest and most sought-after markets in the world.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/manhattans-top-10-office-deals-of-2017\/\" \/>\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=\"2018-01-22T08:47:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T19:23:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Top-10-Office-Transactions-Manhattan.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"827\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Corina Stef\" \/>\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\/manhattans-top-10-office-deals-of-2017\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/manhattans-top-10-office-deals-of-2017\/\",\"name\":\"Manhattan\u2019s Top 10 Office Deals of 2017 - 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