The $158-million sale of 450 Park Ave., a class A officeproperty located on the southwest corner of 57th St., closed lastMonday. The buyer is a joint venture of the New York State CommonRetirement Fund and Taconic Investment partners LLC. The asset waspurchased from its original developers, 450 Park Avenue AssociatesLLC, an investment group led by Peter Sharp. Eastdil Realtymanaging director Douglas Harmon brokered for the seller, while thebuyer was self-represented.

The Taconic JV won the day over a crowded field of bidders.Sources tell that up to 60 potential buyers had hats inthe ring since Sharp put the property on the market in January.Click here toread the original story.

Sources close to the deal say the keen interest in 450 Parkshifted due west to 1370 Avenue of the Americas, which is alsolocated on a 57th Street corner, once the Park Avenue property wasoff the market. The $148-million sale of 1370 is expected to closewithin the next couple of days. Newly formed fund Normandy RealEstate Partners snatched up the property before it hit the marketin what an interested party called "a preemptive deal." Eastdil'sHarmon represented sellers Westbrook Partners and StellarManagement.

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