Blackstone Said to Buy Park Avenue Tower for $750 Million
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Blackstone Group LP, whose Equity Office unit owns almost 200 U.S. properties, agreed to buy Park Avenue Tower in New York for about $750 million, said three people with knowledge of the transaction.
The seller is San Francisco-based Shorenstein Properties LLC. The 615,850-square-foot (57,200-square-meter) building is located at 65 E. 55th St. in midtown Manhattan, the area with the most-expensive U.S. office rents.