The Real Deal New York

Sherwood, JPMorgan’s 370 Lexington hits the market

Midtown office building asking $300 million -- double the owners' investment

June 03, 2015 04:45PM

370 Lexington Avenue

370 Lexington Avenue in Midtown (inset: Andrew Scandalios)

Sherwood Equities and JPMorgan Chase have placed their Midtown office building at 370 Lexington Avenue on the market.

The two entities jointly acquired the 27-story, 311,000-square-foot property for $155 million in September 2008, right as the financial crisis sent both the economy and real estate prices into freefall. HFF’s Andrew Scandalios is marketing the building.

Sherwood manages 370 Lexington Avenue and positioned it to cater to smaller office tenants. Most of the building’s tenants take up between 1,500 and 5,000 square feet of space, with the property nearly at full occupancy.

The landlords are reportedly seeking up to $300 million for the office building, which would nearly double their investment in the property. [Real Estate Alert]Rey Mashayekhi