Hines U.S. Core Office Fund LP closed on the sale of 499 Park Avenue in New York City to an institutional fund managed by American Realty Advisors and the sale of 425 Lexington Avenue to institutional investors advised by J.P. Morgan Asset Management for a combined sales price of more than $1 billion.
499 Park Avenue is a 28-story, 300,000-sq.-ft. boutique office tower. Designed by I.M. Pei & Partners, it was completed in 1980.
425 Lexington Avenue is a 31-story, 750,000-sq.-ft. office building. It was completed in 1987. The property is 100 percent occupied. Major tenants include Simpson Thacher & Bartlett LLP and CIBC.
According to a statement by Tommy Craig, senior managing director of Hines’ New York office, “We are pleased to expand our relationship with American Realty Advisors, and to continue our long-standing global relationship with J.P. Morgan. We will continue to build on our high level of activity in New York with further investment and development opportunities.”
Eastdil Secured LLC and CBRE jointly represented Hines in both transactions.