{"id":1004554617,"date":"2021-10-24T21:18:44","date_gmt":"2021-10-25T05:18:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004554617"},"modified":"2022-12-08T15:44:19","modified_gmt":"2022-12-08T23:44:19","slug":"top-5-office-transactions-in-manhattan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/top-5-office-transactions-in-manhattan\/","title":{"rendered":"Top 5 Office Transactions in Manhattan"},"content":{"rendered":"

\"\"Manhattan\u2019s commercial real estate market has faced challenges over the past year and a half, but the market is beginning to show some signs of recovery<\/a>, highlighted by a few major office transactions. In the first eight months of 2021, office transactions totaled $2.4 billion and included 2 million square feet of assets across the borough, according to CommercialEdge data. This is a 36 percent decline from the same period last year, when investments totaled $3.7 billion.<\/p>\n

Sales prices averaged $1,191 per square foot, a significant jump from the $774 per square foot paid in 2020. The top five deals, highlighted in the table below, amount to nearly $1.9 billion, or close to 80 percent of total investment volume, CommercialEdge shows.<\/p>\n\n\n\n\n\n\n\n\n
Rank<\/strong><\/td>\nProperty Name<\/strong><\/td>\nSale Price (MM)<\/strong><\/td>\nSquare Feet<\/strong><\/td>\nBuyer<\/strong><\/td>\nSeller<\/strong><\/td>\n<\/tr>\n
1<\/td>\n410 10th Avenue<\/td>\n$952.5<\/td>\n638,000<\/td>\nThe 601W Cos.<\/td>\nSL Green Realty<\/td>\n<\/tr>\n
2<\/td>\n641 Avenue of the Americas<\/td>\n$325<\/td>\n267,000<\/td>\nSpear Street Capital<\/td>\nSL Green Realty<\/td>\n<\/tr>\n
3<\/td>\n524 Broadway<\/td>\n$235.8<\/td>\n140,988<\/td>\nNorthwood Investors<\/td>\nTahl Propp Equities<\/td>\n<\/tr>\n
4<\/td>\n860 Washington<\/td>\n$232<\/td>\n108,733<\/td>\nMeadow Partners<\/td>\nProperty Group Partners<\/td>\n<\/tr>\n
5<\/td>\n325 Hudson<\/td>\n$134.1<\/td>\n241,405<\/td>\nDivcoWest<\/td>\nJamestown<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

5. 325 Hudson<\/h2>\n
\"\"

325 Hudson<\/p><\/div>\n

Last May, DivcoWest purchased 325 Hudson<\/a>, a 220,000-square-foot, 10-story building in the heart of Lower Manhattan\u2019s Hudson Square neighborhood. Jamestown Properties sold the asset for $134.1 million. The investor paid Bristol Group $110 million for the asset nine years earlier.<\/p>\n

The 1960-built property was converted from industrial to offices in 1998. It currently encompasses an additional 10,000-square-foot data center and more than 8,000 square feet of retail space. Tenants include coworking space operator Industrious and SUNY Empire State College. The property is located near Google\u2019s New York offices and is adjacent to The Walt Disney Co.\u2019s upcoming 1.2 million-square-foot headquarters.<\/p>\n

4. 860 Washington<\/h2>\n
\"\"

860 Washington. Image courtesy of Property Group Partners<\/p><\/div>\n

At the beginning of the year, Meadow Partners joined forces with CalPERS to acquire 860 Washington, a 108,733-square-foot office building in Greenwich Village. The property traded for $232 million, or a record-breaking $2,133 per square foot, with JPMorgan Chase providing $116 million in acquisition financing.<\/p>\n

Seller Property Group Partners co-developed the property in 2015 with Romanoff Equities, which continues to own the land. Its tenants include SoftBank and Tesla, which occupies part of the asset\u2019s 20,297-square-foot retail portion.<\/p>\n

3. 524 Broadway<\/h2>\n
\"\"

524 Broadway<\/p><\/div>\n

After owning it for more than three decades, Tahl Propp Equities sold 524 Broadway in June for $235.8 million. Northwood Investors acquired the 140,988-square-foot Soho building along with the adjacent, 66,000-square-foot 520 Broadway for a combined $325 million, financed with a $227.1 million acquisition loan from Barings.<\/p>\n

Built in 1902 and most recently renovated in 2014, 524 Broadway is home to multiple tenants, including Corcoran and WeWork. The 11-story asset has 15,000-square-foot floorplates and 15,000 square feet of retail space at the ground floor.<\/p>\n

2. 641 Avenue of the Americas<\/h2>\n
\"\"

635-641 Sixth Ave. Image via Google Street View<\/p><\/div>\n

Also in June, Spear Street Capital added a trophy asset to its portfolio\u2014635-641 Avenue of the Americas, a 267,000-square-foot asset in the borough\u2019s Chelsea neighborhood. The two-building property changed hands in a $325 million deal<\/a> and was sold by SL Green Realty after 9 years of ownership.<\/p>\n

The buildings were completed in 1902 and underwent a $15 million renovation in 2015. At the time of the sale, they were 94 percent leased, with the roster of tenants including enterprise firm Infor, Microsoft, EvensonBest and Teknion Inc.<\/p>\n

1. 410 10th Avenue<\/h2>\n
\"\"

410 10th Avenue. Image courtesy of SL Green Realty<\/p><\/div>\n

The largest office sale in Manhattan between January and August was the $925.5 million sale of 410 10th Avenue<\/a>, a 638,000-square-foot asset in Chelsea. SL Green sold the property in January as part of its share repurchase program. The 601W Cos. acquired it with the help of a $565 million loan funded by Wells Fargo Bank.<\/p>\n

The former Master Printers Building was once the tallest concrete structure in New York City. It was completed in 1927 and is currently undergoing a $650 million redevelopment program spearheaded by local architecture firm MdeAS, which will result in fa\u00e7ade upgrades, new street-level storefronts, a relocated entry, enlarged windows, a coffee bar and a roof terrace. The fully leased property is anchored by Amazon, which occupies 335,400 square feet within the building.<\/p>\n","protected":false},"excerpt":{"rendered":"

These deals accounted for 80 percent of the borough\u2019s total volume, according to CommercialEdge.<\/p>\n","protected":false},"author":741,"featured_media":1004554673,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,41288,1600,21742,10,21747],"tags":[39329,50674,32841,32981,34964,33392],"class_list":["post-1004554617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-rc-listicles","category-new-york","category-latest","category-northeast","category-office","tag-topofthelist","tag-commercialedge","tag-divcowest","tag-meadow-partners","tag-sl-green-realty-corp","tag-spear-street-capital"],"acf":[],"yoast_head":"\nTop 5 Office Transactions in Manhattan - 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\/top-5-office-transactions-in-manhattan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Top 5 Office Transactions in Manhattan\" \/>\n<meta property=\"og:description\" content=\"These deals accounted for 80 percent of the borough\u2019s total volume, according to CommercialEdge.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/top-5-office-transactions-in-manhattan\/\" \/>\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=\"2021-10-25T05:18:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T23:44:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/Top-5-Office-Transactions-in-Manhattan-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"533\" \/>\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\/top-5-office-transactions-in-manhattan\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/top-5-office-transactions-in-manhattan\/\",\"name\":\"Top 5 Office Transactions in Manhattan - 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