NEW YORK CITY-Hines said Friday that it had retained both Eastdil Secured and CBRE to market two Midtown office towers on behalf of Hines US Core Office Fund. Eastdil’s Doug Harmon, senior managing director, and CBRE vice chairman Darcy Stacom are leading the team that’s selling 499 Park Ave. and 425 Lexington Ave.
“These two Hines trophies present a rare opportunity to be acquired as a portfolio, or individually, and should command worldwide attention,” Harmon says in a statement. Stacom notes in a statement that the two properties offer investors “an unparalleled combination of boutique and corporate excellence.” Both towers have been under Hines ownership for the past decade.
Tommy Craig, senior managing director for Hines’ New York office, says in a release that the two assets have provided “outstanding success” in terms of investment performance during the company’s 10 years of owning them. “The interest we expect both locally and globally only reinforces our continuing commitment to New York City as the world’s preeminent global real estate location.”
The 28-story, 300,000-square-foot 499 Park at the corner of 59th Street dates from 1980, and was designed by architect I.M. Pei. Among its tenancies is the corporate headquarters of Cantor Fitzgerald. Its floorplates run to about 11,000 square feet.
Built in 1987, the 31-story 425 Lexington is currently 100% occupied by law firm Simpson Thatcher & Bartlett LLC and CIBC. Floorplates there range from 18,000 to 36,000 square feet; the seventh, eighth and ninth floors of this 750,000-square-foot tower offer gardened terraces. It occupies an entire block between 43rd and 44th streets.
Along with Harmon and Stacom, Eastdil’s Adam Spies and Kevin Donner and CBRE’s William Shanahan and Paul Gilles will be part of the team. Hines did not say how much it’s seeking for the two office assets.
The news of the two towers hitting the market comes on the heels of several high-profile office tower sales in Midtown. In January, Chetrit Group bought the Sony Building at 550 Madison Ave. in a $1.1-billion sale-leaseback, and RXR Realty LLC acquired a 99-year triple-net leasehold interest in 75 Rockefeller Plaza.
Last week, RXR and Walton Street Capital announced that they would purchase 237 Park Ave. from Lehman Brothers Holdings at a price that’s reportedly north of $800 milliion. And in last week’s Comcast buyout of GE‘s stake in NBCUniversal, NBCU said it would pay $1.4 billion to acquire the 40 floors it occupies at 30 Rockefeller Plaza, as well as CNBC’s headquarters in Englewood Cliffs, NJ, from GE Capital.