American Realty Advisors Announces the Acquisition of 499 Park Avenue, Appoints
CBRE Group, Inc. as Exclusive Leasing Agent
GLENDALE, CA -- (Marketwired) -- 07/08/13 -- American Realty
Advisors, a leading provider of real estate investment management
services to institutional investors, announced today the acquisition
of 499 Park Avenue, a 28-story office building, dubbed the "Black
Diamond," located at one of the city's most desirable corners in the
highly-prized Plaza District of midtown Manhattan.
This 303,000 square-foot building, developed in 1980 and designed by
renowned architect I.M. Pei, offers spectacular views, modern and
efficient functionality, and floorplate sizes ideal for mid-sized
tenants seeking a high-profile and iconic address. The building has
attracted and retained some of New York's most prominent firms.
499 Park Avenue is one of Manhattan's elite office properties,
located on Park Avenue at the southeast corner of 59th Street, at the
entry to Manhattan's affluent Upper East Side. In addition to the
coveted Park Avenue address, the property features an unrivaled
amenity base surrounded by premier retail, hotel and residential
offerings. The asset is 91.8% leased and houses a diversified roster
of high-end tenants.
American has selected CBRE Group, Inc., as the exclusive leasing
agent for 499 Park Avenue. CBRE's Paul J. Amrich, Neil V. King III,
Patrice Meagher and James C. Ackerson will market the property on
behalf of American.
"We are honored to have been selected as the leasing agent for this
truly iconic property. The prime location on the upper end of Park
Avenue melds with the impeccable architecture to create a combination
that cannot be replicated," said Mr. Amrich. "499 Park Avenue marks
American Realty Advisors' first acquisition, on behalf of its
clients, in Midtown Manhattan, and we look forward to assisting them
in continuing to keep this top trophy asset at the forefront of New
York's tenant and brokerage community."
American's EVP/Executive Managing Director, Kirk Helgeson, stated,
"The acquisition of 499 Park Avenue is a key component of American's
core investment strategy to bring our investors high-quality and
uniquely-positioned assets with strong demand growth potential over
the long-term. We expect tha
t the property's prime location, timeless
architecture, transit accessibility, and walkable world-class
amenities will continue to attract top-tier tenants and to identify
499 Park Avenue as their Midtown address of choice."
CBRE Capital Markets Darcy Stacom and Bill Shanahan represented the
seller in the sale of 499 Park Avenue.
American Realty Advisors
American is an investment advisor, and a
leading provider of real estate investment management services to
institutional investors. With over $5.3 billion in assets under
management, American has provided real estate investment management
services to institutional investors for over 25 years utilizing core
and value-added commingled funds and separate accounts. The firm's
portfolios include office, industrial, multi-family, retail and other
properties nationwide, all of which are managed on behalf of
American's clients. Information regarding American can be found at
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBG), a Fortune 500 and S&P 500 company
headquartered in Los Angeles, is the world's largest commercial real
estate services and investment firm (in terms of 2012 revenue). The
Company has approximately 37,000 employees (excluding affiliates),
and serves real estate owners, investors and occupiers through more
than 300 offices (excluding affiliates) worldwide. CBRE offers
strategic advice and execution for property sales and leasing;
corporate services; property, facilities and project management;
mortgage banking; appraisal and valuation; development services;
investment management; and research and consulting. Please visit our
website at www.cbre.com.
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