NEW YORK CITY—Sherwood Equities and joint venture partner J.P. Morgan have put a Midtown East class A office building on the market. Spanning more than 310,000 square feet of space and 98% leased, 370 Lexington Ave. could fetch a $300 million purchase price, according to industry sources. The property is being marketed by HFF and is said to be best suited to small tenants.

It provides stable diversified cash flow but also features upside opportunities as 57% of the rent roll is scheduled to expire within the next three years, allowing the purchaser to capitalize on surging office rents in New York, according to HFF. More than 90% of the building has been pre-built to a high level of finish resulting in significant rent premiums, while also maintaining a significantly above market retention ratio.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.