{"id":1004776754,"date":"2025-11-03T05:52:03","date_gmt":"2025-11-03T13:52:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004776754"},"modified":"2025-11-11T07:21:10","modified_gmt":"2025-11-11T15:21:10","slug":"bgo-surrenders-manhattan-tower-through-deed-in-lieu","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bgo-surrenders-manhattan-tower-through-deed-in-lieu\/","title":{"rendered":"BGO Hands Back the Keys to Manhattan Tower"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/757-Third-Ave.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"800\" data-attachment-id=\"1004776766\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/bgo-surrenders-manhattan-tower-through-deed-in-lieu\/757-third-ave\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/757-Third-Ave.jpg\" data-orig-size=\"640,800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"757 Third Ave.\" data-image-description=\"&lt;p&gt;A YM image &lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;BGO hands back the Class A office building at 757 Third Ave. in Manhattan to its lender. Image courtesy of Yardi Matrix &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/757-Third-Ave.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/757-Third-Ave.jpg?w=640\" alt=\"Class A office building at 757 Third Ave. in Manhattan\" class=\"wp-image-1004776766\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/757-Third-Ave.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/757-Third-Ave.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><figcaption class=\"wp-element-caption\">BGO hands back the keys to the Class A office building at 757 Third Ave. in Manhattan to its lender. <em>Image courtesy of Yardi Matrix <\/em><\/figcaption><\/figure><\/div>\n\n\n<p>BGO, the former BentallGreenOak, has ceded its ownership of the 26-story, 505,000-square-foot Class A office building at 757 Third Ave. in Manhattan by means of a deed-in-lieu of foreclosure to lender New York Life Real Estate Investors, according to property records.<\/p>\n\n\n\n<p>BGO affiliate MEPT had purchased the building from RFR Realty for $355.5 million in 2015, Yardi Matrix data shows. The loan at that time was $205 million, with a maturity date to May 2030, according to the same source.<\/p>\n\n\n\n<p>Further information about the exact circumstances of the deed-in-lieu was unavailable, though the case reflects broader <a href=\"https:\/\/www.commercialsearch.com\/news\/commercial-foreclosures-bring-trouble\/\">CRE default<\/a> trends affecting leveraged urban office portfolios.<\/p>\n\n\n\n<p>Reportedly, however, there has been at least some leasing at the building, including an expansion by reinsurance broker BMS Group to the entire 13,194-square-foot 16th floor in February 2024 and a 6,960-square-foot lease by software company Endava.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/office-visits-surge-in-september-placer-ai\/\">Office Visits Surge in September<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Other tenants at the 1963-vintage, Class A building include insurance firm Berkley Insurance, MPA-The Association of Magazine Media, the Consulate General of Portugal and employment agencies Aerotek and Staffing 360 Solutions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-ups-and-downs-of-distress\">The ups and downs of distress<\/h2>\n\n\n\n<p>This past May, <em>Commercial Property Executive<\/em> took a close look at the risks and opportunities of <a href=\"https:\/\/www.commercialsearch.com\/news\/whos-buying-distressed-office-buildings\/\">distressed office properties<\/a>, which remain attractive to a variety of investors.<\/p>\n\n\n\n<p>For example, Lukas Krause, CEO of SVN International Corp., noted that the most active areas for such acquisitions are major CBDs in primary markets with robust fundamentals and historical resilience. In the case of 757 Third Ave., all of that certainly applies.<\/p>\n\n\n\n<p>A noteworthy sale of a distressed downtown office building occurred in January, when <a href=\"https:\/\/www.commercialsearch.com\/news\/onward-investors-acquires-960-ksf-minneapolis-building\/\">Onward Investors acquired Ameriprise Financial Center<\/a>, a 960,000-square-foot office building at 707 Second Ave. S. in Minneapolis, from GHR Foundation.<\/p>\n\n\n\n<p>The sale price of just $6.3 million for the 31-story tower was an almost 97 percent discount from its previous open-market price of $200 million, in 2016. GHR sold the asset after taking control of the building in 2023, after previous owner Morning Calm Management\u2019s executed a deed-in-lieu of foreclosure.<\/p>\n\n\n\n<p>Ameriprise, which had been the name tenant since the building\u2019s completion in 2000, announced in 2022 that it would be vacating. Onward\u2019s plans for the building reportedly include the possibility of partial or complete conversion to non-office uses.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 26-story building totals more than 500,000 square feet. <\/p>\n","protected":false},"author":1023,"featured_media":1004776768,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1600,21742,10,21747],"tags":[52263,34134,33542],"class_list":["post-1004776754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-bgo","tag-mept","tag-new-york-life-real-estate-investors"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BGO Hands Back the Keys to Manhattan Tower - 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