Publications

Transactions - DECEMBER 8, 2015

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

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 Ave.in midtown Manhattan, which has an estimated sales price of $1.9 billion. AXA is also t

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?

We respect your privacy! Please give consent for processing data as described in our Privacy Policy