$1B-Plus 280 Park Ave. Deal Closes

NEW YORK CITY-An affiliate of Istithmar PJSC has closed on its $1.2-billion acquisition of 280 Park Ave. Boston Properties was the seller of the 1.2-million-sf property. It will continue to serve as property manager and leasing agent for the trophy asset it acquired n 1997.

Located in Midtown on the west side of Park Avenue between 48th and 49th streets, the complex consisting of one 30-story and one 43-story class A office tower is linked at the base by a lobby on Park Avenue. Tenants include Deutsche Bank, the National Football League and AG Edwards.

“The sale price for 280 Park Avenue demonstrates the value of our assets,” says Mortimer B. Zuckerman, chairman of Boston Properties. “We continue to look for ways to create value for our shareholders and sometimes that involves selectively selling core assets.”

In late March, the REIT acknowledged that it was in discussions regarding the possible sale of two of its core office properties here. Sources identified the other property as 5 Times Square. On April 25, the company executed a binding agreement with the Istithmar affiliate.