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Transactions - MARCH 10, 2015

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Bentall Kennedy buys Manhattan office building for $360m

by Andrea Waitrovich

Bentall Kennedy has purchased an office building in Manhattan for $360 million, or $784 per square foot. The seller was RFR Realty, which was represented by Eastdil Secured.

The 27-story office building is located in the submarket of Midtown East at 575 Third Ave. It totals 459,002 square feet and is 98 percent occupied. Major tenants include Grant Thornton, Association of Magazine Media, Berkley Insurance Co., Laura Pomerantz Real Estate and CVS.

The seller purchased the property in 1999 for $102 million and has invested more than $20 million to upgrade the asset.

According to Real Capital Analytics, the office building is Bentall Kennedy’s first Manhattan office acquisition this year. The firm has a second property located 309 Fifth Ave. At the start of the year, Bentall Kennedy purchased two office properties and a development site in Boston for a total investment of $161.6 million.

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