NEW YORK CITY-Monday Properties has recapped 230 Park Ave. with Invesco Real Estate, a unit of Invesco Ltd. The off-market deal, at $760 million, allows Monday’s previous partner in the building, Goldman Sachs’ private equity Whitehall Real Estate Funds, to transition out.

Monday has managed the building since 1998 and will continue to do so. It purchased the landmark 230 Park Ave. in 2007 for $1.2 billion.

Brian Robin, Monday’s EVP and COO, tells GlobeSt.com that Monday had been looking for ways to work with Invesco for some time. This deal, put together by president and CEO Anthony Westreich, allows it to do that while restructuring the existing debt.

“Anthony has been talking to Invesco for quite a while in general terms,” Robin says. “But the lining up of the debt elements to do a pay off, the structuring that we’d need to figure out with Invesco and the exiting of one partnership group with another and evaluating how to do that structurally--at the end of the day it was quite a simple process, which was pay off a loan and buy the building.”

Westreich was unavailable for comment but spoke about beginning a “new chapter for 230 Park Ave.” in a release announcing the recap. “The market consistently rewards the property for delivering exceptional service in a unique, landmark environment,” he said. “We will continue that focused plan and be an outstanding choice for our tenants and our partner.”

Robin says that the layered debt structure in place when Monday bought the building in 2007 added a complexity that favored an off-market deal because “you couldn’t just pull a trigger and be done--it wasn’t just a matter of agreeing on a price and going,” he says. “That’s not unique for this level of property and the complexity of the capitalization involved.”