Transactions - NOVEMBER 18, 2014

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NYC office tower sells for $2.25b

by Andrea Waitrovich

The Blackstone Group has sold a 630-foot tall skyscraper in New York City for approximately $2.25 billion to an Ivanhoé Cambridge venture.

An official announcement has not been released. The deal was reported yesterday by The Wall Street Journal.

The office is 1095 Avenue of the Americas, a 42-story building on Bryant Park, located between Times Square and Fifth Ave. Major tenants include Verizon Communications, MetLife, law firm Dechert, iStar Financial, Lloyds Banking Group, Instinet and Standard Chartered USA. Whole Foods Market is a tenant in the retail space.

Kahn & Jacobs designed the building, which is the 61st tallest in New York City. From 2006 to 2007 the tower received a $260 million renovation, which upgraded the office space from class B+ to class A.

Thus far this quarter the Ne

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