237 Park Ave./ Photo by Betsy Kim
NEW YORK CITY—A syndicate of investors led by David Werner is buying approximately 40% of 237 Park Ave., a 22-floor, 1.25 million square-foot office building valued at $1.25 billion according to Real Capital Analytics. Real Estate Alert which first reported the news noted that the sellers, RXR Realty headed by CEO Scott Rechler and Walton Street Capital, a Chicago-based private equity real estate firm, are maintaining a 60% interest in the property.
The building is currently 98% occupied, leasing to JPMorgan Chase, J. Walter Thompson and NewYork-Presbyterian Hospital.
Cushman & Wakefield's Doug Harmon and Adam Spies represented the sellers and were the only brokers in the deal.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
