The Blackstone Group, a NYC-based multinational private equity, investment banking, alternative asset management and financial services corporation, is preparing to sell New York's 1095 Avenue of the Americas, a 42-story office tower that may fetch one of the highest prices ever for a U.S. skyscraper, according to a GlobeSt.com report. Blackstone has reportedly hired Eastdil Secured to market the tower, which serves as the headquarters of Verizon Communications Inc. The 1.2 million-square-foot tower was purchased in 2007 by Blackstone as part of its takeover of Sam Zell's Equity Office Properties Trust. According to a Bloomberg report, Blackstone is seeking as much as $2.25 billion for the 42-story office tower.
"If they were to hit this number, it would show the market is still extremely strong for these assets," commented Ben Thypin, director of market analysis at Real Capital Analytics. "If you want to buy an office building of this size, you only have so many choices." A spokesperson for Blackstone declined to comment on the Bloomberg report.
Constructed from 1972 to 1974 as headquarters of New York Telephone, 1095 Avenue Of The Americas received a $260 million renovation which upgraded the office space from Class B+ to Class A office space from 2006 to 2007. Originally, restoration was intended to be limited to structural maintenance, but later the building's developer, Equity Office Properties Trust, decided to upgrade the Class B+ property to Class A office space. The tower holds primarily office space, but some of the upper floors contains telecommunications equipment.
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