The Real Deal New York

Posts Tagged ‘alaska permanent fund’

  • [Updated at 2:30 p.m.] When Boston-based real estate investment firm the Rockpoint Group announced that it had sold its stake of Park Avenue Plaza at 55 East 42nd Street earlier this month, the company declined to reveal how much it had received for the sale — but in New York City, secrets don’t stay secret for long.

    According to public records filed with the city yesterday, Rockpoint received a massive $569.1 million for its 49 percent share of the 1.2 million-square-foot plaza plus another building at 49 East 52nd Street. The company was represented by CBRE, according to data from Real Capital Analytics. The buyer, Soho China, provided a residential address at 1185 Park Avenue, the same building where JPMorgan CEO Jamie Dimon resides.

    Tenants at Park Avenue Plaza currently include BlackRock, McKinsey & Co. and Swiss Re., it was previously reported. Rockpoint bought into the building last year for around $330 million or $570 per square foot. — Katherine Clarke[more]

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  • From left: CBRE’s Darcy Stacom and William Shanahan, 2 Grand Central Tower and 299 Park Avenue

    It’s been a good week for CB Richard Ellis’ Darcy Stacom and William Shanahan. The Alaska Permanent Fund has agreed to pay $1,075 per square foot for a 49.5 percent stake they were marketing in 299 Park Avenue, sources told the New York Post, in a deal revaluing the property at $1.25 billion.

    The pair were hired by the Rockpoint Group to market their share in May. Rockpoint purchased the stake from Swiss bank UBS in January 2010. That earlier deal had valued it at just over $600 million, or $625 per square foot.

    Developer Fisher Brothers still holds the majority share and runs the Class A building. … [more]

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