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.May 08, 2013 02:30 PM

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

Related Articles

Clockwise from left: Kings Plaza Shopping Center in Brooklyn, 45-18 Court Square  in Long Island City with GFP's Eric Gural, and 150-13 89th Avenue in Jamaica 

Brooklyn mall’s $487M tops outer-borough loan list

Former WeWork CEO Adam Neumann (Credit: Getty Images and iStock)

Meet the financial backers behind WeWork’s rise and fall

Kings Plaza Shopping Center and JPMorgan's Jamie Dimon 

Macerich lands nearly $500M refi for Kings Plaza Shopping Center

The Daily Digest - Tuesday

WeWork bonds hit low, new LLC legislation went farther than intended: Daily digest

Clockwise from top left: The Watchtower building at 25 Columbia Heights, Long Island University at 1 University Plaza, The Rheingold at 10 Montieth Street and 871 Bushwick Avenue in Brooklyn (Credit: Wikipedia and Google Maps)

These were the top 10 outer borough loans last month

Wells Fargo, JPMorgan Chase and Citigroup each recorded a rise in second quarter profits in their consumer divisions (Credit: iStock)

Banks see uptick in mortgages, but remain wary ahead of potential Fed interest rate cut

Clockwise from top left: 54 Crown Street, 451 10th Avenue, 46-09 69th Street and 270 Park Avenue (Credit: Google Maps)

The top 10 biggest real estate projects coming to NYC

From left: Ryan Simonetti, Jamie Hodari and Gerald Hines with 717 Texas in Houston (left) and The Kearns Building in Salt Lake City (right)

Convene, Industrious partner with Hines to operate new locations across US