San Francisco-based Shorenstein is buying the Park Avenue Tower and 850 Third Avenue office buildings in New York City – former Macklowe assets – from Deutsche Bank in a deal valued at just under $1 billion (€6.4 million), according to media reports.
A spokesperson for Shorenstein declined to comment.
Earlier this year the private real estate investment firm closed on an upsizing of its latest fund, Shorenstein Realty Investors Nine – which initially closed in May 2007 with $1.3 billion in equity commitments – bringing its latest real estate vehicle to $2 billion.
The 36-story Park Avenue Tower, totaling 610,000 square feet, and the 21-story 850 Third Avenue building, totaling 575,000 square feet, follow a string of recent New York City office buildings that have traded hands in recent months.
Just yesterday it was announced that New York City’s General Motors Building had been acquired by a joint venture between Goldman Sachs’ US Real Estate Opportunities I, US REIT Boston Properties and Dubai-based private equity firm Meraas Capital. The 50-story building, featuring close to two million square feet of rentable space, was purchased by the venture from affiliates of Macklowe for a sum of approximately $2.8 billion.
The GM deal, which was first announced in May, also included NYC office buildings sold by Macklowe including the 39-story tower at 540 Madison Avenue, the 23-story tower at 125 West 55th Street and the 44-story Two Grand Central Tower.