TH Real Estate, the property arm of TIAA, is looking to sell its 28-story office building at 730 Third Avenue, which at least one source speculates could fetch more than $460 million.
The 665,000-square-foot building between East 45th and East 46th streets is home to TIAA’s office, according to the Commercial Observer, which reported news of the listing.
The financial services organization plans to stay in the building after the sale. An investment sales broker not involved in the property told the CO that the building could trade for more than $600 per square foot, and even as high as $850 per square foot.
That would work out to as much as $462.5 million for the building. TIAA bought the tower in 1973, property records show. Other tenants in the building include Roosevelt Investments, the law firm Tofel & Partners and retailer Men’s Warehouse.
TH Real Estate earlier this year bought a 95 percent interest in a four-building portfolio of industrial properties under development in South Florida.
In New York, the company was involved in one of the biggest investment sales of 2017 when it sold the office building at 685 Third Avenue to Unizo Holding Co. for $476.5 million. [CO] – Rich Bockmann