Top 5 Office Building Sales—June 2020
- Jul 22, 2020
- 410 Madison Ave., Manhattan
Sale Price: $115,000,000
Bank of China sold its U.S. headquarters in East Midtown to JP Morgan Asset Management after 34 years of ownership. The 61,995-square-foot property changed hands for $1,855 per square foot. The seven-story building was completed in 1964 and underwent renovation in 2015. Bank of China had relocated from the building prior to the sale. Negotiations were first reported in March 2019. The new owner may redevelop the red-brick structure up to more than 100,000 square feet under the recent East Midtown rezoning.
- 1300 Flushing Ave., Brooklyn
Sale Price: $44,000,000
Also known as The Jefferson, the 125,000-square-foot property in Bushwick traded for $352 per square foot. Lincoln Property Co. sold the six-story building to Transition Acquisitions in mid-June, while LoanCore Capital provided $46.8 million in acquisition financing. Lincoln Property Co. acquired the property— originally a warehouse built in 1930—in 2015 for $46 million and converted it for office use in 2017. The building includes 1,200 square feet of retail space on the second floor.
- 114 E. 25th St., Manhattan
Sale Price: $41,327,347
Crowdfunding firm Prodigy Network and development partner Shorewood Real Estate Group sold the 48,000-square-foot property in early June. Located in NoMad, the 12-story building was originally built in 1921 as an industrial structure. In 2017, Shorewood redeveloped the warehouse for office use and transformed it into coworking space. The NoMad asset housed Prodigy Network’s sister company, coworking firm The Assemblage, until early June, when the company ceased all operations.
- 329 Park Ave. S., Manhattan
Sale Price: $41,233,333
Another Prodigy Network and Shorewood Real Estate Group collaboration, the 37,000-square-foot building—originally built in 1914— also underwent a revamp and was transformed into coworking space operated by The Assemblage until early June. The same buyer that purchased the building at 114 E. 25th St. acquired this 12-story property in a separate transaction. Prodigy Network purchased the asset from Arbor Realty for $34 million in 2017.
- 461 Park Ave. S., Manhattan
Sale Price: $34,411,216
The mid-rise 54,018-square-foot property changed hands in early June. Spanning across 12 stories, the asset includes 4,000 square feet of retail space. Completed in 1935, the multi-tenant property underwent a capital improvement program in 2000. Tenants in the building include Brown Co., Everyday Media, Furman Roth & Co. and Tessler Developments.