Blackstone Selling Bryant Park Tower

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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Hines Building Bryant Park Office Tower

Hines announced this week that it would partner with Pacolet Milliken Enterprises, Inc. to develop a new office tower at the corner of Sixth Avenue and 40th Street, across from Bryant Park according to a CoStar report. The 450,000 square foot tower is expected to begin construction next year and be ready for occupancy as early as 2014. Designed by architects Henry N. Cobb and Yvonne Szeto of Pei Cobb Freed & Partners, the 28 story building will offer a "singular opportunity for mid-sized tenants in the midtown market," said Hines Senior Vice President Tommy Craig, head of the firm's New York/Tri-State region.

Pacolet Milliken President Richard C. Webel added, "Our Company and its ownership families are proud to be part of a project that we believe will contribute to the Bryant Park environment. We are equally proud that the building responds to the challenge from Roger Milliken, our founding chairman, to create a uniquely distinguished design that reaches for a high level of sustainability."

According to Cobb, "The building was conceived in response to the extraordinary circumstance of its location at the corner of Bryant Park. The hourglass façade detail will be a lens through which building occupants can view the park with dramatic and alluring immediacy."

For more news and information visit Blumberg Capital Partners.