Blackstone Buying Park Avenue Tower for $750M
An 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