NEW YORK CITY—Following word of a deal as far back as December, Hines and its partners—including Pacolet Milliken Enterprises and institutional investors advised by J.P. Morgan Asset Management—has closed on the sale of 7 Bryant Park to an institutional investor.

Parties to the deal refused to divulge a price but earlier reports anticipated a purchase price of $600 million. Phillips Lytle and Proskauer advised on the transaction.

Hines has assumed on-site property management responsibilities and CBRE has been selected as the exclusive leasing agent for the property. Currently, floors 15-27, and the first-floor retail space fronting West 40th Street, are available for lease. The building achieved substantial completion at the end of April and is ready for tenant interior build outs.   

Says Hines senior managing director Tommy Craig, “We are very proud of the project and know it will be not only a great new home for future tenants, but a great investment for the new owner. We are pleased to stay involved with the property and look forward to working with CBRE to fill the remaining prime office space with top-quality, discerning tenants.”

Located between West 39th and 40th streets, the building once known as 1045 Ave. of the Americas includes 10-foot finished ceilings and full-height clear vision glass. The building provides direct access to the B, D, F, M and 7 subway lines and is within a short walk to major transit hubs, including Grand Central Station, Penn Station and the Port Authority.

The 30-story tower of steel and glass stands at approximately 470,000 square feet. The building's orientation capitalizes on direct views over the park and past the historic New York Public Library.

The building's entrance façade is punctuated by a concave sculptural detail which cuts into the building in an hourglass shape, creating unique feature windows on every tenant floor. A floating stainless steel disc, measuring 46 feet in diameter, is suspended over the corner entrance at 40th Street, creating both a canopy and an architectural gesture facing the park.

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