Hines Closes on Midtown Tower Sales

NEW YORK CITY-Hines US Core Office Fund, which has owned 425 Lexington and 499 Park since 2003, has sold both assets for more than $1 billion in two separate deals.

By Paul Bubny | Updated on July 02, 2013

NEW YORK CITY-In two separate transactions totaling more than $1 billion, Hines US Core Office Fund has closed on the sales of 425 Lexington Ave. to J.P. Morgan Asset Management and 499 Park Ave. to American Realty Advisors. Hines did not disclose the exact sale price of each office tower; however, the 750,000-square-foot 425 Lexington has been rumored to have sold for $700 million, or about $933 per square foot.

“These trophy assets delivered exceptionally strong returns to our investors,” Sherri Schugart, senior managing director and president and CEO of Hines’ Core Fund, says in a release. Hines acquired both buildings in 2003.

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