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Deals & Dealmakers

Hines, JP Morgan sell 7 Bryant Park for $600M

The reported $600 million sale of 7 Bryant Park to the Bank of China has closed.
Hines announce on Monday that the international real estate firm, along with partners Pacolet Milliken Enterprises, Inc. and institutional investors advised by J.P. Morgan Asset Management, had closed on the sale of the building to an institutional investor.

7 Bryant Park color
7 Bryant Park

Phillips Lytle and Proskauer advised on the transaction. Financials on the deal were not disclosed.
Hines has assumed on-site property management responsibilities, and CBRE has been selected as the exclusive leasing agent for the property.

Currently, floors 15-27, and the first-floor retail space fronting West 40th Street, are available for lease. The building achieved substantial completion at the end of April and is ready for tenant interior build outs.

The Wall Street Journal previously reported that Bank of China is acquiring the 30-story office tower in a long-term leasehold deal that does not include the land, which is owned by Pacolet Milliken Enterprises.

Hines senior managing director Tommy Craig said, “We are very proud of the project and know it will be not only a great new home for future tenants, but a great investment for the new owner. We are pleased to stay involved with the property and look forward to working with CBRE to fill the remaining prime office space with top-quality, discerning tenants.”

7 Bryant Park, located between West 39th and 40th streets on the site of the former 1045 Avenue of the Americas, includes 10-foot finished ceilings and full-height clear vision glass.

The building is LEED Gold Pre-certified, and will incorporate the infrastructure and technology tenants require for their businesses to excel in the 21st century.

The 470,000 s/f steel and glass tower was designed by architects Henry N. Cobb and Yvonne Szeto of Pei Cobb Freed & Partners. The orientation of the steel and glass tower capitalizes on direct views over the park and past the historic New York Public Library. The building’s entrance façade is punctuated by a concave sculptural detail which cuts into the building in an hourglass shape.

A floating stainless steel disc, measuring 46 feet in diameter, is suspended over the corner entrance at 40th Street, serving as both a canopy and an architectural gesture.

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