CalPERS buys Midtown office tower for $1.9b
The $302 billion California Public Employees’ Retirement System is in contract to purchase the office property located at 787 Seventh Ave. in midtown Manhattan. Real Capital Analytics estimated the sales price to be $1.9 billion, or $1,160 per square foot.
The seller is AXA Financial, which placed the office tower on the market in August along with the 1.7 million-square-foot Equitable Building at 1285 Avenue of the Americas with a combined value of approximately $4 billion. The adjacent office buildings are located between West 51st and West 52nd streets and Avenue of the Americas and Seventh Avenue. Eastdil Secured listed the two assets and represented the seller.
The building at 787 Seventh Ave. was owned 100 percent by AXA Financial and comprises 1.7 million square feet spread over 51 stories. Built in 1985, the building is at 98.4 percent occupancy.
CalPERS will likely sign a contract by the year’s end, with the closing slated for the