- As part of our Class A office co-investment strategy in major US cities, we acquired a partial interest in this 1.1 million sf Class A office building located adjacent to New York’s Grand Central Station for $45 million (net equity) in February 2006.
- Our acquisition basis in 237 Park Avenue was about $600 psf when very nearby buildings such as 280 Park Avenue and 230 Park Avenue (the Helmsley Building) were trading at about $1,000 psf.
- Main tenants were J. Walter Thompson and Jennison Associates.
- As part of a portfolio sale, our interest was sold in May 2007 for $135 million.
- Partner equity from a Wealth Management group.
Project Summary
