SJP and Prudential buy 470 Park Ave South for $245M

Sellers are TIAA’s property arm and Norges

Dec.December 19, 2018 07:05 PM

From left: PGIM’s Eric Adler, Steven Pozycki and 470 Park Avenue South (Credit: PGIM, Google Maps and SJP Properties)

SJP Properties and longtime partner Prudential Financial bought the Midtown South office building at 470 Park Avenue South for $245 million.

“The location of 470 Park Avenue South has become one of the most desirable neighborhoods in Manhattan for a diverse cross-section of companies,” SJP CEO Steven Pozycki said in a statement, Commercial Observer reported.

The sellers are the Norwegian sovereign wealth fund Norges Bank Real Estate and Nuveen, the subsidiary of TIAA formerly known as TH Real Estate.

Pozycki’s SJP Properties teamed up with PGIM, the investment-management arm of New Jersey-based Prudential, which has financed numerous projects with the developer, such as 11 Times Square.

SJP will be the managing partner of the 17-story 300,000-square-foot building, which is 87 percent leased to tenants like Priceline, marketing consultant Distillery Inc and music agency Opus 3 Artists, according to CO.

Nuveen bought the building for $157 million in 2007, and Norges acquired a 49 percent stake in the property in 2013 when it teamed up with Nuveen on a $1.2 billion portfolio.

Eastdil Secured represented Nuveen and Norges in the sale. Nuveen brought the firm on to market its stake in the property in June, as The Real Deal reported.
SJP will first focus on leasing a full-floor, pre-built space that will be marketed to technology and creative companies. [CO] – Rich Bockmann

Related Articles

Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

200 Amsterdam Avenue and Municipal Art Society President Elizabeth Goldstein (Credit: iStock) 

Foes of 200 Amsterdam say other towers safe from cut-down

FM Capital's David Brecher and LIVWRK's Asher Abehsera with 160 Van Brunt (Credit: Google Maps)

Red Hook home of Tesla showroom up for sale

Clockwise from top left: 255 East 18th Street, 27-34 Jackson Avenue, 925 Prospect Place, 343 East 17th Street and 311 First Avenue (Credit: Google Maps)

Gramercy Park dev site leads New York’s mid-market investment sales

Infinity Real Estate's Steve Kassin and 1715 East 13th Street (Credit: Infinity Real Estate)

South Brooklyn mixed-use shopping portfolio trades for $165M

LA — not Manhattan — topped US investment sales in 2019

LA — not Manhattan — topped US investment sales in 2019

GIC CEO Lim Chow Kiat with Industry City (Credit: Industry City, GIC)

Singapore sovereign wealth fund buys stake in Industry City

229 West 28th Street with Rodgers & Hammerstein (Credit: Getty Images, 229nyc, Rumi)

Lexin Capital puts Midtown South office building up for sale