NEW YORK CITY—The landmark office tower known as the HelmsleyBuilding is up for sale, and industry watchers say the propertycould bring in more than $1.1 billion, according toBloomberg. The 1.4 million-square-foot skyscraperstraddles Park avenue and sits just north of Grand CentralTerminal.

The property is being put on the market by InvescoLtd. and Monday Properties, Darcy Stacom, vice chairmanat CBRE—which is representing the owners—says. South Korea'sNational Pension Service also reportedly has a stake in theproperty.

The Helmsley Building “is a great below-replacement-cost play, agreat value play at the most irreplaceable location you can get,”Stacom says.

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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.