Owned by Royal Dutch/Shell Group's Pension Fund, Eastdil Realty is arranging what is said to be a sale in the neighborhood of $325 million for the building, which is located at Lexington Avenue and 45th Street, immediately north of Grand Central Station's Graybar building. The facility has 900,000-sf of office space sitting atop a United States Postal Service Office facility.
Built over railroad tracks, the deal to develop the tower in the 1980s was immensely complex, involving a ground lease from the US Postal Service, restoration of the Post Office building, negotiations with three rail lines and construction of the tower. The price tag at the time was said to be several hundred million dollars.
The Skidmore, Owings & Merrill-designed tower is Davis' second major office-building buy this quarter. He recently purchased the Chicago Loop property at 181 W. Madison St. for a reported $240 million.
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