News
$485M FOR 750 SEVENTH
May 5, 2011
| Fosterlane Management Corp has re-entered the NY market, closing on the much-anticipated purchased of 750 Seventh Ave from Hines for $485M (or slightly above $800/SF). |
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| The 600k SF, 34-story building (designed by Kevin Roche John Dinkeloo and Associates) was completed in 1989 and acquired by Hines and an institutional equity partner in 2000. Morgan Stanley, which owned the building previously, is a long-term major tenant and occupies more than half of the building. This isn’t the first deal between Hines and Fosterlane: in the ‘80s and early ‘90s, the two firms developed and built a portfolio of projects that established Hines in the local marketplace, including 31 W 52nd St, the Lipstick Building, and 225 High Ridge Rd in Stamford, Conn. |
