Atlanta-based investment fund Invesco has put the office tower at 33 Maiden Lane on the sales market, Crain’s reported, but thanks to a unique tenant the building’s sales price will likely be compromised.
Three-fourths of the 625,000-square-foot tower is leased by the ultra-credit-worthy Federal Reserve Bank of New York. But the bank rented the space in 1986 in an agreement that runs through 2023, guaranteeing it will be paying below market rate for another dozen years.
Though value can be added through the approximately 105,000 vacant square feet, the bank’s presence will likely limit the sales price to about $350 per square foot, Crain’s said — significantly less than the city’s $509-per-foot average for office buildings.
Public records show Invesco purchased the building from the Witkoff Group in 1999, but the price isn’t listed.
In addition to 33 Maiden Lane, Invesco placed 10 Exchange Place in Jersey City on the market. The fully occupied, 697,000-square-foot tower should achieve a similar sales price, Crain’s said. [Crain’s]