Aussie developer raising $500M for Park Avenue Tower buy

New York /
Dec.December 05, 2013 06:18 PM

Australian development titan Grocon is on the prowl for $500 million to finance its acquisition of a 95 percent majority stake at the Park Avenue Tower in Midtown East.

San Francisco-based investment firm Shorenstein Properties currently holds the majority stake at the tower, at 65 East 55th Street between Fifth and Sixth avenues. The firm bought the building, along with 850 Third Avenue, for a total of $930 million from Macklowe Properties five years ago. Grocon, the largest privately owned firm of its kind in Australia, wants a fixed or floating rate loan with a five-year term.

Jones Lang LaSalle is serving as an adviser, the New York Observer reported.

The 35-story, 615,857-square-foot property was built in 1986. Investment management firm Northern Trust left the Park Avenue Tower as a tenant this summer after signing a lease at LeFrak Organization’s 40 West 57th Street, as previously reported. [NYO]Mark Maurer


Related Articles

arrow_forward_ios
Elon Musk and 1355 Market St in San Francisco (Getty, Truebeck Construction, Twitter)
Twitter’s troubles aren’t helping San Francisco’s office market
Twitter’s troubles aren’t helping San Francisco’s office market
Elon Musk with 1355 Market Street (Illustration by The Real Deal with Getty, Google Maps)
Twitter sheds two-thirds of its HQ in San Francisco
Twitter sheds two-thirds of its HQ in San Francisco
From left: William Macklowe Company's William Macklowe and A&E Real Estate's Doug Eisenberg along with 120 Fifth Avenue in Brooklyn, Acropolis Gardens in Astoria, and 2750 Homecrest Avenue in Brighton Beach (Getty, Google Maps, William Macklowe Company, A&E Real Estate)
Billy Macklowe, A&E scored biggest outer-borough loans
Billy Macklowe, A&E scored biggest outer-borough loans
Norman Foster, Masashi Okada, Robert Lapidus (Photo by Patrick McMullan/PMC, Getty)
PHOTOS: 425 Park Avenue opens its doors
PHOTOS: 425 Park Avenue opens its doors
A photo illustration of 111 East 59th Street (Google Maps, Getty)
Loancore seeks forced sale of Plaza District building
Loancore seeks forced sale of Plaza District building
Tishman Speyer's Rob Speyer, LeFrak’s Richard LeFrak, Equity Group Investments' Sam Zell and BXP's Owen Thomas with 520 Madison Ave, 59-17 Junction Boulevard, 180 Montague Street and 601 Lexington Ave (Tishman Speyer, Getty, BXP, Google Maps)
As city wields stick, real estate players seek state’s de-carb carrot
As city wields stick, real estate players seek state’s de-carb carrot
Cohen Brothers Realty’s Charles Cohen and 750 Lexington Avenue (Getty Images, Cohen Brothers Realty, Council on Tall Buildings and Urban Habitat)
Cohen Brothers’ Midtown tower back in special servicing
Cohen Brothers’ Midtown tower back in special servicing
Swig Equities president Kent Swig and 444 Madison Avenue (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images and LoopNet)
Kent Swig hit with rent suit for 444 Madison Avenue HQ
Kent Swig hit with rent suit for 444 Madison Avenue HQ
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...