Four New York Plaza office tower hits the market

1.1M-sf building last traded hands in 2012 for $270M

New York /
Oct.October 22, 2020 12:45 PM
Four New York Plaza (Photo via Hines)

Four New York Plaza (Photo via Hines)

Four New York Plaza, a 22-story, 1.1-million-square-foot office building at the tip of Lower Manhattan in the Financial District, is up for sale.

CBRE’s Darcy Stacom and Bill Shanahan are marketing the property, which is owned by Edge Fund Advisors and HSBC Alternative Investments, Bisnow reported.

The current owners purchased the property in 2012 for $270 million, and it could sell for as much as $300 million, according to Real Estate Alert, which first reported the listing.

Until 2010, the building was owned by JPMorgan, which remains as a tenant on a 850,000-square-foot lease that runs through 2025, according to CoStar.

Other tenants include American Media and Radio One. The New York Daily News leased space there until recently, when its parent company, Tribune Publishing, permanently closed its newsroom.

The listing comes on the market where the investment sales activity has seen a significant slowdown due to the pandemic. The year-over-year dollar volume in the third quarter declined 74 percent from the same period last year, according to Avison Young’s quarterly report.

Only a few large office properties have been listed for sale since March. One of them is 410 Tenth Avenue, a 636,000-square-foot building near Hudson Yards currently being redeveloped by SL Green. Earlier this month, Bloomberg News reported that Brookfield Asset Management is weighing a bid for the 20-story building.

[Bisnow] [Real Estate Alert] — Akiko Matsuda


Related Articles

arrow_forward_ios
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)
SL Green puts Daily News building up for sale
SL Green puts Daily News building up for sale
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green’s locks in big bank lease at Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
Mack-Cali Realty CEO Mahbod Nia and River Centre in Red Bank (Mack-Cali)
Mack-Cali offloads Red Bank office complex for $84M
Mack-Cali offloads Red Bank office complex for $84M
Washington Prime Group CEO Lou Conforti (Twitter)
Washington Prime Group files for Chapter 11 bankruptcy
Washington Prime Group files for Chapter 11 bankruptcy
Hamed bin Zayed Al Nahyan (Getty)
Pandemic squeeze forces Abu Dhabi fund to reassess real estate exposure
Pandemic squeeze forces Abu Dhabi fund to reassess real estate exposure
Renderings of Greenpoint Landing in Greenpoint, 141 Willoughby Street in Downtown Brooklyn and 45-57 Davis Street in Long Island City (Photos via OMA, SLCE Architects and J Frankl Architects)
These were the top outer-borough loans in May
These were the top outer-borough loans in May
A rendering of the project at 1 Park Row in the Financial District. (Winick)
L.A.-based lender puts FiDi project into construction with $90M loan
L.A.-based lender puts FiDi project into construction with $90M loan
arrow_forward_ios

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

Loading...