Transactions - DECEMBER 23, 2014

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Four NYC offices selling for $3b

by Andrea Waitrovich

In four separate deals, four N.Y.C. offices will be sold for $2.79 billion, with each selling for more than $200 million.

The 400,000-square-foot Crown Building located at 730 Fifth Ave. is in contracts to be sold for a rumored price of $1.75 billion, or $4,375 per square foot, to joint venture partners Jeff Sutton and GGP. The sellers are Spitzer Enterprises and Sicc-Combined. Major tenants in the 26-story office include Bergdorf Goodman, LVMH, Tiffany & Co., KKR and Apollo Management.

Two blocks west, The Blackstone Group purchased the office located at 1740 Broadway from Vornado Realty Trust for $605 million. The asset is the largest of the four offices, totaling 601,000 square feet. Major tenants include Limited Brands, Citibank, Cognac and Davis & Gilbert.

In MidTown, the National Association Building at 28 W 44TH St. sold for approximately $235 million to APF Properties. The seller of the 359,00-square-foot office was Prudenti

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