Two Manhattan Office Towers Are Put Up for Sale by Hines

Hines, an international real estate developer, is seeking to sell two Manhattan skyscrapers, the I.M. Pei-designed 499 Park Ave. and 425 Lexington Ave., home of the law firm Simpson Thacher & Bartlett LLP.

The Midtown office buildings may be acquired individually or as a package, Douglas Harmon, senior managing director of brokerage Eastdil Secured LLC, said in a statement e-mailed by Hines. Harmon is marketing the towers along with Darcy Stacom, vice chairman of CBRE Group Inc.

“We have had outstanding success with these two assets over the last 10 years in terms of investment performance,” said Tommy Craig, director of Houston-based Hines’s New York office. The properties should attract both domestic and foreign bidders, he said.

The offerings follow three deals this year for Midtown office towers. Last month, Chetrit Group agreed to acquire the 37-story Sony Building for $1.1 billion, while RXR Realty LLC reached a deal to buy a 99-year leasehold interest in 75 Rockefeller Plaza. Earlier this week, RXR said it and Walton Street Capital LLC will purchase 237 Park Ave. from Lehman Brothers Holdings Inc. The price was about $800 million, said a person with knowledge of the sale.

The 28-story, 300,000-square-foot (28,000-square-meter) 499 Park Ave., known as the Black Diamond because of its dark glass facade, houses the headquarters of Cantor Fitzgerald LP, the financial firm led by Howard Lutnick. The property at the corner of 59th Street was completed in 1980 and was formerly home to Bloomberg News parent Bloomberg LP.

The 31-story tower at 425 Lexington, built in 1987, has 750,000 square feet, according to Hines. It is fully leased to Simpson Thacher and Canadian Imperial Bank of Commerce.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE