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


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