Hines sells 425 Lexington, 499 Park for $1B total

Fate of Park Avenue tower had been unclear, while JPMorgan unit will take Lexington property
May 08, 2013 02:30PM

It’s official: Hines is selling off two Midtown office properties — 499 Park Avenue and 425 Lexington Avenue — for a combined price of more than $1 billion, according to a release from the Houston-based developer.

JPMorgan Asset Management will pay $750 million for 425 Lexington, as reported yesterday. The 31-story, 750,000-square-foot Class A office tower has been fully occupied since its development in 1987, the release said.

American Realty Advisors will take 499 Park, the site of Hines’ regional headquarters in the Northeast. The 28-story tower is 300,000 square feet.

“The success of these transactions only reinforces Hines’ commitment to continue to build on our high level of activity in New York City, particularly with further investment and development opportunities,” Tommy Craig, senior managing director of Hines’ New York office, said in the release.

A team of brokers from Eastdil Secured and CBRE Group represented Hines in transactions. —Zachary Kussin