Transactions - DECEMBER 8, 2015

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Manhattan office tower set to change hands for $1.7b

by Andrea Waitrovich

RXR Realty is in contract to purchase the 1.75 million-square-foot Painewebber Building in Manhattan, according to Real Capital Analytics. The total sales price is estimated to be $1.7 billion.

The owners are AXA Financial and J.P. Morgan Chase, which each own 50 percent of the asset. Eastdil is representing the sellers.

The 1.61 million-square-foot tower, located between West 51st and 52nd streets, is fully occupied. Swiss bank UBS AG leases about 700,000 square feet of space. Other major tenants include BBDO Worldwide and Paul, Weiss, Rifkind, Wharton & Garrison.

The sale follows the $302 billion California Public Employees’ Retirement System’s negotiations for the adjacent office property located at 787 Seventh midtown Manhattan, which has an estimated sales price of $1.9 billion. AXA is also t

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