Transactions - APRIL 18, 2014

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

Sign in Start Your Free Trial Now View Purchase Options

Manhattan’s Mobil Building to sell for $900m

by Andrea Waitrovich

Real estate investor David Werner has agreed to buy the office building at 150 E. 42nd St., also known as the Mobil Building, in midtown Manhattan.

The sales price is approximately $900 million, or $563 per square foot. Eastdil Secured represented the buyer and the sellers, Japan-based Hiro Real Estate Co. and the Geolet family.

The 42-story building was constructed in 1956 by Harrison & Abramovitz as Exxon Mobil’s headquarters, what was then the Socony Mobil Oil Co. In 1987, when Exxon Mobil relocated to Northern Virginia, it sold the property for $240 million to Hiro.

The 1.6 million-square-foot stainless steel building occupies the block between Lexington and Third avenues, from East 41st Street to East 42nd Street. It is across from the Chrysler Building and a block west of Grand Central Terminal.

The property is 90 percent occupied. Tenants include Wells Fargo, Ann Ta

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