Hines in contract to sell 750 Seventh Avenue

April 27, 2011 09:07AM

Hines Interests is in contract to sell off 750 Seventh Avenue, the 600,000-square-foot tower at 48th Street, to an offshore investor after drawing interest from at least 20 to 30 bidders, according to the Observer. It’s unclear what the still-anonymous buyer has agreed to pay for the 36-story building, which was acquired by Hines for $150 million in 2000 through a partnership with General Motors and is half-occupied by Morgan Stanley. Other tenants include Ernst & Young and Mendes and Mount. CB Richard Ellis brokers Darcy Stacom and Bill Shanahan had been quietly shopping the property to investors, and according to one source, prospective buyer activity was “through the roof.” [NYO]


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