The Real Deal New York

Monday Properties gets $750M recapitalization on former Helmsley Building

June 10, 2011 02:40PM

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Monday Properties has completed a $750 million recapitalization of the former Helmsley Building at 230 Park Avenue through Invesco, the company announced today. Monday Properties has managed the property since 1998, and in 2007 purchased the 34-story, 1.4 million-square-foot, landmarked office building for $1.15 billion, public records show. This transaction completes the repositioning of the building. It also marks the largest single-asset investment in Invesco’s $39.7 billion real estate investment portfolio. Invesco last appeared on the Manhattan real estate scene in April when it completed its $125 million purchase of the 166-unit apartment building at 290 Third Avenue. Monday Properties, which also manages office buildings at 1440 Broadway and 386 Park Avenue (where it recently pledged a $30 million building improvement), will continue to manage 230 Park Avenue. Current tenants in the LEED-certified gold building include ING, Simon Property Group, Tokio Marine Management and Houston & Rosen P.C. TRD

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