NEW YORK CITY-The approximately 560,000-sf, 14 Penn Plaza has closed on its contract for $350 million to Circle Properties Associates LLC. Cushman & Wakefield confirms the closing and confirms to that the 22-story building went for $625 per sf.

The sale of the property, at 225 W. 34th St., was brokered by Andrew S. Borrok and Charles R. Borrok through Cushman & Wakefield’s Capital Markets Group investment team of Jon Caplan, Scott Latham, Richard Baxter and Ron Cohen. The purchaser was advised by New York City-based Wells Hill Partners Ld. and Dakota Realty.

Major tenants include Mueser Rutledge Consulting Engineers. Cushman & Wakefield could not discuss any further details regarding the sale or reasons for selling.

According to July stats from Cushman & Wakefield, average asking rents in Time Square South were $54.14 at the end of July. That’s up more than 48% from $36.48 at the end of July 2006.

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