Transactions - JANUARY 13, 2016

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Shorenstein to sell Manhattan office tower for $465m

by Andrea Waitrovich

Shorenstein Properties is in contract to sell the office property at 850 Third Ave. in Manhattan in an off-market deal for an estimated price of $465 million. Real Capital Analytics has identified the potential new owner as MHP Real Estate Services, formerly Murray Hill Properties.

The 614,000-square-foot Midtown East office tower was placed on the market in early 2015. Tenants include Radio One, the City of New York and Discovery Communications.

Shorenstein Properties paid more than $300 million for the 21-story building in 2008, part of a portfolio purchase that also included the Park Avenue Tower. The building was part of the $7 billion former Equity Office Properties Trust portfolio sold to Macklowe Properties by The Blackstone Group in 2007.

Manhattan’s office transaction market was very active in 2015. According to RCA, approximately $25 billion of office properties in Manhattan were purchased during 2015. And the pace has continued into 2

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