Unizo strikes a deal to sell trophy Manhattan property

BentallGreenOak is buying 685 Third Ave for more than $400M

685 Third Avenue (Credit: Google Maps)
685 Third Avenue (Credit: Google Maps)

Japan’s Unizo Holdings has come to an agreement to sell the crown jewel in the $1.3 billion portfolio it’s been unloading amid a hostile takeover attempt back in Tokyo.

The real estate private equity firm BentallGreenOak has been awarded the deal to buy Unizo’s Midtown East office tower at 685 Third Avenue, sources told The Real Deal. The price of the sale is in the mid $400 million range, according to sources.

A representative for BentallGreenOak declined to comment, while a representative for Unizo could not be immediately reached.

Unizo bought the 650,000-square-foot 685 Third Avenue two years ago for $467.5 million, capping off a $1.3 billion buying spree.

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But the company has been liquidating its portfolio — even selling buildings at a loss — as it deals with a hostile takeover in Japan.

Unizo also struck a deal to sell its Flatiron District building at 40 West 25th Street to the Kaufman Organization for $120 million.

CBRE negotiated both deals. The brokers could not be reached for comment.

BentallGreenOak was formed this year out of the merger of Bentall Kennedy and GreenOak Real Estate.