Canadian pension fund unit to buy 450 Park Avenue

Purchasing 330,000-square-foot office building for $575M

New York /
Feb.February 26, 2014 08:09 AM

Canadian investment firm Oxford Properties Group, a division of the Ontario Municipal Employees Retirement System, is under contract to acquire a 330,000-square-foot tower at 450 Park Avenue for $575 million.

The seller is Somerset Partners LLC and British investor Michael Tabor, who jointly bought the 33-story office property at 57th Street for $509 million back in 2007. Adam Spies, Doug Harmon and Kevin Donner of Eastdil Secured are representing them in the deal.

“We felt comfortable investing a large amount of cash in this quality location and asset,” Keith Rubenstein of Somerset told Bloomberg News. “The thinking back then was this location was bulletproof, would withstand any downturn in the market and value would recover faster. Looking back, I guess we were right.”

The site is set to sell for more than $1,700 per square foot. The 2007 sale — $1,583 a square foot – set a record for an office building on a per-square-foot basis. The current record is held by 650 Madison Avenue, which sold for $2,235 per square foot last year.

Dow Chemical currently leases a 5,698-square-foot space on the 22nd floor of 450 Park, as previously reported. [Bloomberg News] and [NYT]Mark Maurer


Related Articles

arrow_forward_ios
Vornado CEO Steven Roth, Oxford Properties president Michael Turner and 650 Madison Avenue (Getty, Linkedin, VNO)

Here’s what tenants are paying at Vornado & Oxford’s 650 Madison

Here’s what tenants are paying at Vornado & Oxford’s 650 Madison
Jeff Blau and Hudson Yards (Getty, WIkipedia)

Hudson Yards’ EB-5 investors demand arbitration with Related

Hudson Yards’ EB-5 investors demand arbitration with Related
Neiman Marcus at Hudson Yards (Getty, iStock)

Related marketing Neiman’s Hudson Yards store as office

Related marketing Neiman’s Hudson Yards store as office
RXR Realty's Scott Rechler and 2413 Third Avenue in the Bronx (Credit: Getty Images; Google Maps)

RXR planning 200-unit South Bronx project

RXR planning 200-unit South Bronx project
St. John’s Terminal and Dean Shapiro of Oxford Properties Group (Renderings via COOKFOX Architects)

St. John’s Terminal redevelopment secures $973M construction loan

St. John’s Terminal redevelopment secures $973M construction loan
Oxford Property Group's Adam Mahfouda (Credit: Mahfouda by Emily Assiran)

Oxford Property Group expands office, subleases space

Oxford Property Group expands office, subleases space
55 Hudson Yards, Facebook CEO Mark Zuckerberg (Credit: Google Maps and Getty Images)

Here’s how much Facebook is paying at Hudson Yards

Here’s how much Facebook is paying at Hudson Yards
Renderings of Brookfield's Bankside in the South Bronx (Credit: ArX Solutions)

This is what Brookfield’s South Bronx megaproject will look like

This is what Brookfield’s South Bronx megaproject will look like
arrow_forward_ios

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

Loading...