Transactions - APRIL 18, 2014

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

Sign in Sign up for a FREE subscription

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 T

Forgot your username or password?