Japanese Unizo Holdings Slings Two Office Sales for A New York-Goodbye
Last year, the firm completed a domino of transactions of three Manhattan office buildings, signaling its indefinite departure.
NEW YORK CITY – Unizo Holdings Co., a Tokyo, Japan-based investment firm, is selling the remainder of its portfolio in New York City, which includes two Manhattan office buildings. CBRE is marketing the properties, according to news reports.
Recently announced for sale is 40 W. 25th St. in the Flatiron District, an estimated 135,000-square-foot office property acquired in 2015 for $106 million. Also in the headlines is 685 Third Ave., a 650,000-square-foot, 27-story, office tower that is expected to sell for an estimated $500 million, or $769 per square foot.
Property records show the assets are the last of Unizo’s portfolio in the city and follow an earlier sale the firm made this year of 24-28 W. 25th St. for $107.4 million. Last year, the firm completed a domino of transactions of three Manhattan office buildings, signaling its indefinite departure from the New York City market.