7 Bryant Park Sold for $600M

The Bank of China has closed on the purchase of 7 Bryant Park, the new 470,000-square-foot steel and glass tower which was substantially completed at the end of April. Hines, along with partners Pacolet Milliken Enterprises, Inc. and institutional investors advised by J.P. Morgan Asset Management, announced the sale for $600 million. Hines has assumed on-site property management responsibilities, and CBRE has been selected as the exclusive leasing agent for the property.

"We are very proud of the project and know it will be not only a great new home for future tenants, but a great investment for the new owner," said Hines Senior Managing Director Tommy Craig. "We are pleased to stay involved with the property and look forward to working with CBRE to fill the remaining prime office space with top-quality, discerning tenants."

Designed by renowned architects Henry N. Cobb and Yvonne Szeto of Pei Cobb Freed & Partners, 7 Bryant Park is ready for tenant interior build outs, with floors 15-27, and the first-floor retail space fronting West 40th Street, available for lease at the time of sale. The building provides direct access to the B, D, F, M and 7 Subway lines, and is located within a five-minute walk to New York City’s major transit hubs — Grand Central, Penn Station and Port Authority.

For more news and information visit Blumberg Partners.

Hines Joins MG on $3B NYC Project

MG Properties, the real estate investment and development arm of McCourt Global, has entered into an equity and development partnership with Hines on the development of 360 Tenth Avenue in New York City. The $3 billion, 733,000-square-foot mixed-use project on the Far West Side will be designed by SHoP Architects, which was recently named the world's most innovative architecture firm by Fast Company. According to a Real Deal report, Frank McCourt's MG Properties made his New York real estate debut with the acquisition of the site last year for $167 million, more than three times what seller Sherwood Equities and Long Wharf Real Estate Partners paid in 2011.

"We are very pleased to have the world class team at Hines join us on 360 Tenth," said Drew McCourt, president of MG Properties. "The addition of SHoP's creativity and innovation is a significant enhancement to the project as we look to blend the residential, retail, and commercial elements into an architecturally-significant addition to the North Chelsea/Hudson Yards neighborhood."

"We are excited to partner with the McCourt team on 360 Tenth and welcome the opportunity to expand our development work into the heart of Manhattan's fastest growing new neighborhood," added Tommy Craig, Hines' senior managing director for the New York office.

For more news and information visit Blumberg Capital Partners.

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.