The New York office of Hines, the international real estate firm, announced that a subsidiary of the Hines U.S. Core Office Fund LP closed on the sale of 499 Park Avenue to an institutional fund managed by American Realty Advisors. The Core Fund also closed on the sale of 425 Lexington Avenue to institutional investors advised by J.P. Morgan Asset Management. The exact sale prices of each building were not disclosed; however, the combined sale price totaled more than $1bn, generating a sizeable return on investment for the Core Fund and its investors.
Eastdil Secured, L.L.C. and CBRE jointly represented the Core Fund in both transactions.
499 Park, located at 59th Street and Park Avenue, is one of the city’s premier boutique office buildings. The 28-story, 300,000-square-foot tower was designed by I.M. Pei & Partners and completed in 1980.
425 Lexington is a 31-story, 750,000-square-foot office building designed by Murphy/Jahn. The property has enjoyed 100 percent occupancy since its development in 1987, and the original anchor tenants, Simpson Thacher & Bartlett LLP and CIBC, continue to occupy the building.
