CBRE Group, Inc.t has been appointed by the new ownership of 499 Park Avenue, American Realty Advisors, as the exclusive leasing agent for the property.
CBRE’s Paul J. Amrich, Neil V. King III, Patrice Meagher and James C. Ackerson will market the property on behalf of American Realty Advisors.
Located on the southeast corner of 59th Street and Park Avenue, 499 Park Avenue is in the center of New York’s prestigious Plaza District. The 28-story, 287,000 s/f glass tower was designed by I.M. Pei & Partners and was completed in 1980, a modern asset by New York City standards. Tenants include Cantor Fitzgerald, M. Safra & Co., Moon Capital, Oikos Ventures and Woodbine Capital.
“We are honored to have been selected as the leasing agent for this truly iconic property. The prime location on the upper end of Park Avenue melds with the impeccable architecture to create a combination that cannot be replicated,” said Amrich. “499 Park Avenue marks American Realty Advisors’ first acquisition in Midtown Manhattan, and we look forward to assisting them in continuing to keep this top trophy asset at the forefront of New York’s tenant and brokerage community.”
An institutional fund managed by American Realty Advisors recently purchased 499 Park Avenue from a subsidiary of the Hines U.S. Core Office Fund LP (Core Fund). CBRE Capital Markets’ Darcy Stacom and Bill Shanahan, along with Eastdil Secured, LLC, represented Hines’ Core Fund in the sale of the property.
499 Park Avenue was sold in a job lot with 425 Lexington Avenue- which was bought by JP Morgan – for a combined $1 billion, according to Hines.
425 Lexington, a 31-story, 750,000 s/f office building , has enjoyed 100 percent occupancy since its development in 1987, and the original anchor tenants, Simpson Thacher & Bartlett LLP and CIBC, continue to occupy the building.
Tenancy ay 499 Park includes a prestigious roster of financial firms including Cantor Fitzgerald, Deutsche Bundesbank and Eagle Capital Management, LLC.