Two Manhattan office properties sell for more than $1b
Two Manhattan office properties are under contract to change hands in separate deals with a total sales price of approximately $1.2 billion.
The first property is the 1.2 million-square-foot Helmsley Building, which is being bought by RXR Realty. An official announcement has not been released; however, Real Capital Analytics projects the asset to be priced at $1 billion, or $825 per square foot. The sellers are Invesco Real Estate, South Korea’s National Pension Service and Monday Properties.
The previous owners, Monday Properties and Whitehall Real Estate Funds, managed by Goldman Sachs Group, acquired the building the 34-story office in 2007 for $1.15 billion. Invesco Real Estate and NPS acquired a 95 percent interest in 2011 for $769.8 million when Whitehall Real Estate Funds exited the building.
Built in 1929 as the headquarters for the New York Central Railroad Co., the Beaux Arts tower was named the Helmsley Building after New York City re