Transactions - JUNE 18, 2013

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Manhattan office market soars to new heights

by Ross Dohrmann

Manhattan has always been the cornerstone of the American business world. As such, it holds a lofty position among commercial real estate investors, especially risk-averse institutional investors who covet high-quality, income-producing core properties.

According to Green Street Advisors’ Manhattan Office Price Index (MOPI), the booming center of New York City is the largest office market in the United States, “containing about 10 percent of the nation’s total inventory of space, and an even larger share of real estate value.” As second quarter 2013 winds to a close, the Manhattan office market has been a hub of activity with large trophy assets trading hands, some at record pricing.

Since the economic crisis began in 2008, the only billion-dollar purchase for a commercial property in Manhattan was Google’s 2010 purchase of its headquarters for $1.9 billion. However, during this period of recovery, there has been a sizable demand

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