The distinction for the city s largest office building deal of the year belongs to California pension fund CalPERS’s $1.9 billion acquisition of 787 Seventh Avenue, a 51-story, 1.7 million-square-foot office tower located adjacent to 1285 Sixth. CalPERS closed on that building in February.
AXA Financial, the U.S. arm of French insurance firm AXA, formerly owned both buildings, with 1285 Sixth owned through a joint venture between AXA and JPMorgan Asset Management. AXA put the adjacent properties up for sale last summer and was seeking as much as $4 billion for the two buildings combined.
The acquisition of 1285 Sixth will also likely be eclipsed by Citigroup’s purchase of its Tribeca headquarters complex, at 388-390 Greenwich Street, from SL Green Realty for around $1.8 billion. That transaction is expected to close next month.
Meridian Capital Group s Rael Gervis and Drew Anderman brokered the financing for 1285 Sixth, while Eastdil Secured s Adam Spies and Doug Harmon brokered the sale. [Crain’s and CO] – Rey Mashayekhi
Tags: 1285 sixth avenue, RXR Realty, scott rechler
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