A partnership between Monday Properties, Invesco and South Korea’s National Pension Service put their 1.4 million-square-foot office tower at 230 Park Avenue on the market.
The landmark skyscraper near East 46th Street, also known as the Helmsley Building, is expected to sell for $1.1 billion, or $800 per square foot. The property’s value was $635 per square foot back when the pension service and Invesco bought their stakes there in 2011.
Darcy Stacom, vice chair at CBRE, is representing the landlords. The building is 94 percent occupied and has 70,000 square feet of ground-floor retail space, which Stacom told Bloomberg News can be expanded.