Helmsley Building expected to fetch $1.1B

1.4 million-square-foot office tower is 94 percent occupied

Invesco's Greg Kraus and 230 Park Avenue
Invesco's Greg Kraus and 230 Park Avenue

A partnership between Monday Properties, Invesco and South Korea’s National Pension Service put their 1.4 million-square-foot office tower at 230 Park Avenue on the market.

The landmark skyscraper near East 46th Street, also known as the Helmsley Building, is expected to sell for $1.1 billion, or $800 per square foot. The property’s value was $635 per square foot back when the pension service and Invesco bought their stakes there in 2011.

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Darcy Stacom, vice chair at CBRE, is representing the landlords. The building is 94 percent occupied and has 70,000 square feet of ground-floor retail space, which Stacom told Bloomberg News can be expanded.

Last month, the landlords were said to be considering listing it for $1.5 billion, as previously reported. [Bloomberg News]Mark Maurer