The Real Deal New York

Invesco puts 33 Maiden Lane on the market

October 07, 2011 03:05PM

Atlanta-based investment fund Invesco has put the office tower at 33 Maiden Lane on the sales market, Crain’s reported, but thanks to a unique tenant the building’s sales price will likely be compromised.

Three-fourths of the 625,000-square-foot tower is leased by the ultra-credit-worthy Federal Reserve Bank of New York. But the bank rented the space in 1986 in an agreement that runs through 2023, guaranteeing it will be paying below market rate for another dozen years.

Though value can be added through the approximately 105,000 vacant square feet, the bank’s presence will likely limit the sales price to about $350 per square foot, Crain’s said — significantly less than the city’s $509-per-foot average for office buildings.

Public records show Invesco purchased the building from the Witkoff Group in 1999, but the price isn’t listed.

In addition to 33 Maiden Lane, Invesco placed 10 Exchange Place in Jersey City on the market. The fully occupied, 697,000-square-foot tower should achieve a similar sales price, Crain’s said. [Crain's]

2 Responses to “Invesco puts 33 Maiden Lane on the market”

  1. February 29, 2012 at 1:16 pm, Fed buys its downtown office for $207.5M – insiderater.com said:

    [...] the building’s upside, according to published reports, because it was signed in 1986 and guarantees a below-market rate through 2023. As a result the sales price was long expected to come in below Manhattan’s price per square [...]

  2. March 12, 2012 at 10:15 am, Federal Reserve | 33 Maiden Lane | CBRE Group | Посты said:

    [...] the building’s upside, according to published reports, because it was signed in 1986 and guarantees a below-market rate through 2023. As a result the sales price was long expected to come in below Manhattan’s price per square [...]

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