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Blackstone Trades a 6th Ave. Office Property

NEW YORK CITY—The Midtown asset has been purchased by a well-known local REIT.

1140 Ave. of the Americas The roughly 250,000-square-foot, Class A office property at 1140 Ave. of the Americas is 91% leased.

NEW YORK CITY—An affiliate of Blackstone Real Estate Partners VI LP has agreed to sell 1140 Ave. of the Americas to American Realty Capital New York City REIT for $180 million. The transaction is expected to close in the second quarter. No broker information was available at press time.

The roughly 250,000-square-foot, 22-story Midtown Class A office property—located in the Bryant Park submarket—is 91% leased. The largest tenant is City National Bank. Blackstone purchased the property in 2011 for just over $98 million, or $514 per square foot, from a joint venture of Stellar Management and the Rockpoint Group, according to industry data sources.

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Rayna Katz

Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.

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