Financial details of the transaction were not released; however,the average rent in the site is $48 per sf. Last year, the Paramus,NJ-based Vornado Realty Trust sold the 965,000-sf office buildingin Manhattan's Murray Hill section, for $292 million to SEBImmobilien-Investment GMBH, a German capital investment company,realizing a gain on the sale after closing costs of approximately$157 million. Other addresses for the site are 37 E. 32nd St. and40 E. 33rd St.

Mark S. Weiss, executive vice president, and Jeffrey Peck,managing director of Newmark & Co. Real Estate Inc.,represented Medical Liability Mutual Insurance. William Korchak ofJones Lang LaSalle, the building's leasing agent, represented thebuilding ownership. Weiss says the move involved the "long-termplanning and growth of Medical Liability Mutual Insurance."

The 29-floor property, built in 1928, has office tenantsincluding Herrick Feinstein, Hartford Fire Insurance, Schieffelin,Somerset and Co., New York Community Trust, Donald J. Fager andAssociates, United Way and AGA Creative. Retail tenants on thetenant roster are Federal Express, Pinnochio Cafe and North ForkBank.