Sale of 370 Lexington Avenue in Midtown Manhattan closed by HFF
NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of 370 Lexington Avenue, a 295,016-square-foot office building with ground floor retail space in the Grand Central submarket of Midtown Manhattan.
HFF marketed the property widely to both domestic and international investors on behalf of the seller, a venture between institutional investors advised by J.P. Morgan Asset Management and Sherwood Equities.
370 Lexington Avenue is located on the corner of East 41st and Lexington just one block from Grand Central Station. This Midtown Manhattan location is close to the Park Avenue Corridor, Bryant Park, Midtown South, the United Nations and the First Avenue Medical Corridor. Originally built in 1928, 370 Lexington features 27 stories of office and ground floor retail space that is 99 percent leased to a diverse roster of tenants including professional services, TAMI (technology, advertising, media and information technology firms), United Nations, and FIRE users.
The HFF investment sales team representing the seller was led by senior managing directors Andrew Scandalios and Eric Anton and director David Fowler.
“With an influx of foreign buyers widening the buyer pool and increasing competition for Class A assets such as 370 Lexington, it was no surprise that the property ultimately sold at a record breaking price per square foot,” said Scandalios. “This is the foreign investor’s fifth purchase in Manhattan in a little over two years.”
About J.P. Morgan Asset Management – Global Real Assets
J.P. Morgan Asset Management – Global Real Assets has more than $86 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia Pacific, as of June 30, 2015. With a 45-year history of successful investing, J.P. Morgan Asset Management – Global Real Assets’ broad capabilities provide many of the world’s most sophisticated investors with a global platform of real estate, infrastructure and transportation strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions. The Global Real Assets team is part of J.P. Morgan Asset Management's Alternatives Investments business, which collectively manages over $120 billion in client assets across real assets, hedge funds, credit and private equity. For more information: jpmorgan.com/institutional/global_real_assets
About Sherwood Equities
Sherwood has developed and owns/manages prime New York City and Long Island properties, including Two Times Square, 1600 Broadway, One Times Square, The Coronado (Broadway and 70th Street) and The Saratoga (1st Avenue and 75th Street). Sherwood has also developed 500 West 21st Street, 508 West 20th Street, 130 Barrow Street and 330 West End Avenue, and owns and manages over one million square feet of Class A industrial property on Long Island. Several major developments are in the planning stages. www.sherwoodequities.com
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.