Now, that archetype of urban architecture has been put up forsale by owner TIAA-CREF for, reports say, about $350 million. Thattranslates to about $500 per sf for the 700,000-sf tower. Teacherspurchased the building more than 20 years ago for a little morethan $70 million.
Is it worth the asking price? An industry professionalGlobeSt.com spoke with says that it "is not out of reason.Certainly that building can command what the market has to offerboth for its prestigious address and character. I'm not surprisedto hear those numbers."
He noted that Lever House across the avenue, which was also soldrecently, is said to be leasing at $90 or more per sf. That wouldsuggest that the prospective per-sf rate for the Seagram property"is not a wild number."
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