The Real Deal New York

Kuwaiti firm buying 750 Seventh for $485M

April 29, 2011 08:20AM

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Kuwaiti investment firm Fosterlane Management, the former owner of the Lipstick Building and 350 Park Avenue, is getting back into the New York City real estate game with the purchase of Hines Interests’ 750 Seventh Avenue for $485 million, or roughly $808 per square foot, the Post reported. Earlier this week, the Observer reported that the 600,000-square-foot tower near 49th Street was in contract to sell to an anonymous offshore investor. Hines purchased the 36-story tower, half of which is occupied by Morgan Stanley, for $150 million in 2000 through a partnership with General Motors. The listing, by Darcy Stacom and Bill Shanahan of CB Richard Ellis, was said to have drawn significant interest from bidders. Fosterlane had been on the sidelines for years, having unloaded the Lipstick Building to Tishman Speyer in 2004 and 350 Park Avenue to Vornado Realty Trust in 2006. [Post]

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