New York City’s 470 Park Avenue South sells for $245m

by   CIJ USA
2018-12-20   15:32
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SJP Properties and PGIM Real Estate paid $245m for 470 Park Avenue South in New York City. SJP will serve as operating partner, responsible for managing and leasing the 301,178 sq ft, class A office and retail building. The new owners plan build a boutique hotel-style lobby that includes an outdoor garden, collaborative workspace, a game room and a café and bar. Built in 1912, the property is currently 87 percent leased to a number of high-profile tenants, including and Dstillery. The duo bought the asset from Norges Bank Real Estate Management and TH Real Estate.

“In recent years, the Park Avenue South submarket has seen a large influx of tenants across a variety of industries – technology, healthcare, media, hospitality and more, making it a vibrant ‘live/work/play’ destination. We are pleased to collaborate again with our long-term strategic partner, SJP, to unlock additional value at 470 Park on behalf of current and prospective tenants, while adding another well-located, class A New York City property to our clients’ portfolio,” said Alfonso Munk, chief investment officer at PGIM Real Estate.