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- January 1, 2016: Vol. 28, Number 1

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CalPERS buys Midtown office tower for $1.9b

by Andrea Waitrovich

AXA Financial is selling two adjacent office towers in Manhattan, valued at nearly $4 billion. The office buildings are located between West 51st and West 52nd streets and Avenue of the Americas and Seventh Avenue. Eastdil Secured listed the two assets and represented the seller.

The $302 billion California Public Employees’ Retirement System is under contract to purchase the office property located at 787 Seventh Ave. in midtown Manhattan. Real Capital Analytics estimated the sales price to be $1.9 billion, or $1,160 per square foot. The closing is slated for first quarter 2016. The building was owned 100 percent by AXA Financial and comprises 1.7 million square feet spread over 51 stories. Built in 1985, the tower is at 98.4 percent occupancy.

Separately, RXR Realty is under contract to buy the 1.75 million-square-foot Paine Webber Building at 1285 Avenue of the Americas, according to RCA, in a deal that values the property at $1.7 billion.

AXA Financial hol

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