It is now eight years since the record-breaking take-over of Equity Office Properties Trust (EOP) – and the harvesting period is well-under way.

The latest installment came just last month when The Blackstone Group sold Three Bryant Park in Midtown Manhattan, New York, for $2.2 billion to Canada’s Ivanhoé Cambridge and its investment partner, Callahan Capital Partners.

It was a jumbo-deal for sure and notable also for the implied value uplift of prime New York office real estate.  The building was originally fully occupied by telecommunications firm Verizon, and in April 2005, EOP swooped to buy an 80 percent interest in the building from the telecoms giant for $505 million. That would imply that the value of the asset was $606 million back then and the sale price announced last month represents an increase in value of 3.6 times within 10 years, or a 363 percent uplift. 

The one-million-square-foot property at 1095 Avenue of the Americas is 97 percent leased. But at the time EOP bought its stake, Verizon was to leave its New York headquarters, though the company said it could retain ownership of 200,000 square feet of the property and lease around one million square feet until it relocated to 140 West Street, the former headquarters of New York Telephone. Nowadays, Verizon still has space in the building, but it is shared with MetLife and Dechert, the law firm.