AEW Capital puts 360 Lex up for sale

Boston-based firm asking shy of $200M for boutique office property
By Rich Bockmann | March 20, 2019 02:30PM

360 Lexington Avenue and AEW CEO Jeff Furber (Credit: Google Maps)

AEW Capital Management is looking to sell its boutique office building at 360 Lexington Avenue asking just shy of $200 million.

The Boston-based investment firm, headed by CEO Jeff Furber, put the 26-story building at the corner of Lexington and East 40th Street on the market with an asking price around $190 million, sources told The Real Deal.

The pricing works out to a bit more than $700 per square foot.

A representative for AEW could not be immediately reached for comment. An Eastdil Secured team of Brett Siegel, Evan Layne, Gary Phillips and Rachel Humphrey has the listing. The brokers declined to comment.

Late last year, Japanese investor Unizo Holdings sold the building 370 Lexington Avenue – which next door to AEW’s 360 Lexington Avenue – for $190 million, or about $610 per square foot. (Unizo, which was in the midst of selling off its Manhattan holdings, sold the building at a loss to the $247 million it paid for the property back in 2015.)

AEW purchased the 1950s-era building from Himmel + Meringoff for $129.5 million in 2008 – a time during the Great Recession when few buyers were opening their checkbooks for big-ticket deals.

After purchasing the building, AEW renovated the lobby and updated the building’s mechanical systems. The wedding cake-style building has a series of setbacks above the 11th floor, about half a dozen of which can be converted into outdoor terraces.

AEW owns the property through one of its core funds. The building is 82 percent leased to tenants like Webster Bank.

Earlier this year, AEW teamed up with Josh Schuster’s Silverback Development to buy the under-construction residential building at 24-16 Queens Plaza South in Long Island City for $40 million.

Hiten Samtani contributed reporting.