The sale of the 1.2-million-sf, two-building property comes less than a year after Istithmar purchased the property from Boston Properties. As GlobeSt.com reported at the time of the June sale, Istithmar paid $1.2 billion, gaining a 30-story building and a 43-story building that compose the class A office 280 Park Ave.

For the current transaction, a sale price of $1.2 billion would represent a loss for Dubai-based Istithmar, due to traditional closing fees that undoubtedly took the original deal above the $1.2 billion price point. A request for confirmation and comment from Istithmar went unanswered by press time. A Broadway spokesperson tells GlobeSt.com, "[Broadway's] policy is typically not to speak about deals that have not closed."

The building was built in 1961 and split into the east tower and west tower seven years later. Major tenants at the Boston Properties' managed site include Deutsche Bank, the National Football League, Oppenheimer and AG Edwards. CB Richard Ellis brokers Peter Turchin, Gregg Rothkin and Alan Wildes handle leasing within the 97% occupied building. According to CBRE's website, the asking rental rate for the remaining 37,082 sf is $110 per sf. A CBRE spokesperson tells GlobeSt.com the firm is not handling the building sale.

Istithmar, after a Manhattan buying frenzy in 2006, has taken an acquisition hiatus in recent months, with rumors swirling of more dispositions to follow. Last October, the firm bought the W Hotel Union Square for $285 million. In April the company bought the former Knickerbocker Hotel at 6 Times Square for $300 million.

Broadway has recently tried to establish substantial Midtown portfolio. It picked up the 1.7-million-sf building at 450 W. 33rd St. from Arbor Realty Trust Inc. for $664 million. In November the firm acquired 340 Madison Ave. The 750,000-sf building sold for about $550 million according to reports. In June, Broadway purchased 522 Fifth Ave. for approximately $420 million. The firm also owns 660 Madison Ave., according to its website.

Also as GlobeSt.com exclusively reported in January, Broadway put a 2.5-million-sf office portfolio on the market, which contains properties across the US in cities like Chicago, Boston, Los Angeles and New York City.

Instant Insights /

Istithmar Flips 280 Park Ave. After 10 Months

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