Unizo to sell office building in Manhattan for $400m

Japanese hotel operator Unizo Holdings has sold the Midtown East office tower at 685 Third Avenue, New York, for $400 million to BentallGreenOak, reported The Real Deal.

The asset was part of a $1.3 billion buying spree by Unizo two years ago, at which time the building had a $467.5 million price tag. Now the firm is liquidating its portfolio as it is in a hostile takeover. Recently, Unizo Holdings withdrew its support for a $1.3 billion takeover bid by a SoftBank-backed fund, saying it wanted better terms, just a month after it welcomed the “white knight” buyout offer.

The company also said it had received a separate offer from an unnamed third party, which it had rejected as insufficient.