450 Park Avenue

Address: 450 Park Avenue, New York, NY
Submarket: Plaza District
Size: 325,000 square feet
Type: Office and retail
Date Acquired: June 2002
Date Sold: October 2007

450 Park Avenue is a 32-story, 325,000-square-foot, Class A office tower located at the southwest corner of 57th Street and Park Avenue in the heart of the Plaza District in Midtown Manhattan. An architecturally-striking black box with spectacular Central Park views, it is distinguished as the home of a high-quality tenant roster that includes a wide variety of financial and professional service firms, which are attracted to the building’s prestigious address and first-class amenities.

We acquired the property in June 2002 and invested over $13 million to completely renovate the lobby, upgrade passenger and freight elevators, redecorate public corridors and restrooms, and upgrade building systems. The capital improvement program, combined with a successful leasing campaign, enhanced 450 Park Avenue’s position in the market and enabled the property to attract and maintain an array of distinguished tenants. When we sold the property in October 2007, it was reported that we achieved the highest price per square foot for any U.S. office building at that time.

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