From left: 475 Fifth Avenue, Darcy Stacom, vice chairman at CBRE and
William Shanahan, vice chairman at CBRE
Pension fund giant TIAA-CREF purchased the 280,000-square-foot office building 475 Fifth Avenue from Barclays Capital Real Estate this week for $144 million, about $4 million more than expected, according to sources involved in with the transaction.
The deal closed Wednesday, sources said, at sale price of about $514 per square foot. Midtown-based TIAA-CREF had been expected to buy the building, but for $140 million or less.
A joint venture of real estate developer Joseph Moinian and Westbrook Capital acquired 475 Fifth Avenue, located at 41st Street, in 2007 for $160 million, but lender Barclays took the property back in 2009 through a deed in lieu of foreclosure. In the slow commercial real estate market of the time, Barclays sought to unload the 86-year-old office tower for just $105 million. … [more]