The New York office of Hines, the international real estate firm, announced today that it has retained both Eastdil Secured and CBRE Group, Inc. to market for sale in a collaborative process two of Midtown Manhattan’s premier office buildings, 499 Park Avenue and 425 Lexington Avenue.
“499 Park Avenue, also referred to as the Black Diamond, and the statuesque 425 Lexington Avenue, home to the world headquarters of law firm Simpson Thatcher & Bartlett LLC, offer investors an unparalleled combination of boutique and corporate excellence,” said Darcy Stacom, CBRE vice chairman.
“These two Hines trophies present a rare opportunity to be acquired as a portfolio, or individually, and should command worldwide attention,” said Eastdil’s Senior Managing Director Douglas Harmon.
The buildings are being marketed on behalf of the owner, Hines U.S. Core Office Fund.
“We have had outstanding success with these two assets over the last 10 years in terms of investment performance, and the interest we expect both locally and globally only reinforces our continuing commitment to New York City as the world’s preeminent global real estate location,” said Hines’ Senior Managing Director for the New York office, Tommy Craig.
499 Park Avenue, designed by I.M. Pei, is one of New York’s finest boutique trophy office towers. The property is 28 stories of sleek black glass and totals approximately 300,000 square feet of prime office and retail space. Its location is irreplaceable at the southeast corner of 59th Street and Park Avenue, at the convergence of Manhattan’s two foremost submarkets, Plaza District and Park Avenue. Built in 1980, the building has consistently garnered some of the highest rental rates in the city and has attracted leading boutique firms that seek the prestige and elegance of a Park Avenue address. They are also drawn to the tower’s ideal floor sizes of 11,000 square feet, as well as its protected views of Central Park and the Upper East Side.
One of the Grand Central market’s newest and most prominent buildings, 425 Lexington Avenue, built in 1987, is a 31-story office tower containing 750,000 square feet of office and retail space. The building is currently 100 percent leased to Simpson Thatcher & Bartlett LLC and CIBC. Offering optimal floor plates ranging from 18,000 to 36,600 square feet, the building provides a rare Manhattan amenity-gardened terraces on the 7th, 8th and 9th floors. 425 Lexington Avenue occupies the entire easterly block front between 43rd and 44th streets, and is situated directly across from Grand Central Terminal and the world-renowned Chrysler Building.
In addition to Eastdil Secured’s Harmon and CBRE’s Stacom, Adam Spies and Kevin Donner of Eastdil Secured, and Bill Shanahan and Paul Gillen of CBRE, will be instrumental in the marketing effort.
Photos courtesy Hines