Top 5 Office Building Sales

PropertyShark compiled the top 5 sales in office recorded in December 2018 in New York City.
Source: PropertyShark, a Yardi Systems Inc. company
  1. 115 W. 40th St., Manhattan
    115 W. 40th St., Manhattan

    Sale Price: $282,000,000

Purchased by Clarion Partners from the Blackstone Group, this sale was subject to a $141 million loan held by Metropolitan Life Insurance Co., according to Yardi Matrix. Comprising 340,208 square feet, this office tower stands 22 stories and was built in 1915, with recent renovations completed in 2013 and then again in 2017. The property includes 13,000 square feet of ground level retail and is leased to 29 tenants including Outcome Health, Two Forks NYC, the National Stuttering Association, Tzell Travel Group, Roku and more. There are still seven available spaces left to lease totaling 112,525 square feet, located on the second and third floors, as well as level 12 to 15.

  1. 440 Ninth Ave., Manhattan
    Sale Price: $269,000,000

This 401,117-square-foot property rises 18 stories. Built in 1927, the asset last underwent cosmetic renovations in 1999. According to Yardi Matrix, Taconic Investment Partners purchased the building from Unizo Holdings, subject to a $54.8 million loan held by Metropolitan Life Insurance Co. Current tenants include Uncle Jack’s Steakhouse, CSM, Hudson Station, E.S. Originals and Century.

  1. 364-372 Lexington Ave., Manhattan
    Sale Price: $190,000,000

Built in 1930, this office property offers 314,816 square feet across 27 stories. Last upgraded in 2012, the building is leased to 81 tenants including Zucker’s Bagels and Smoked Fish, Dunkin’ Donuts, ProHealth Pharmacy, CME Group, The Kenrich Group, MSA Partners and more. There are currently two spaces available for lease on the 16th and 21st floors, totaling 10,056 square feet. Floorplates range from 5,1000 to 16,000 square feet.

  1. 315 W. 44th St., Manhattan
    Sale Price: $152,500,000

Situated on a 23,525-square-foot lot, this 10-story building is located in the neighborhood of Clinton. Nearby transportation options include the A/C/E, N/Q/R, S, 1/2/3, and 7 subway lines at the corner of Eighth Avenue and 44th Street. Built in 1931, the property was last altered in 1990. Totaling 181,021 square feet, the asset comprises 75 commercial units totaling 163,021 square feet of office and 18,000 square feet of retail space.

  1. 1 Broadway, Manhattan
    Sale Price: $139,500,000

Originally constructed in 1882, this building last underwent cosmetic renovations in 1922. Midtown Equities acquired the asset from Vistra, which purchased it back in November 2000 for $32.3 million. This latest transaction was subject to an acquisition and development loan of $123.9 million, funded by Square Mile Capital Management, according to Yardi Matrix. The building comprises 180,646 square feet across 12 stories. Tenants include Citibank and SmartStream Technologies.