MHP Real Estate Services is under contract in New York to purchase 850 Third Avenue, a Midtown East office building for $460 million (just over $718 per square foot). That price would reflect a cap rate of between 3 and 4 percent for the 21 story, 614,000-square-foot building. The seller, Shorenstein Properties, bought the 21 story building in 2008 for $300 million. Current tenants in the asset include the media companies Discovery Communications and Radio One along with the city of New York.
