Blackstone Buying Park Avenue Tower for $750MAn American multinational private equity Blackstone Group LP announced it has purchased the Park Avenue Tower in New York City from Shorenstein Co. for $750 million.
The seller is San Francisco-based Shorenstein Properties LLC. The office building at 65 E. 55th St. has about 615,850 square feet (57,200 square meters) and was built in 1986.
Law firm Paul Hastings LLP, which leases 16 of the building’s 35 floors, is vacating when its agreement is up in 2016, giving Blackstone the opportunity to raise rents when it finds a new tenant, said two of the people, who asked not to be identified because the deal is private. Another occupant, hedge fund Davidson Kempner Capital Management, also plans to move, creating a second potential source of higher rents, they said.
Peter Rose, a spokesman for New York-based Blackstone; Tim Gallen, a Shorenstein spokesman; and Arielle Lapiano, a Paul Hastings spokeswoman, declined to comment. A telephone message left at Davidson Kempner’s office wasn’t immediately returned. The deal was reported late yesterday by the New York Post.Source: Bloomberg