Sherwood Equities and J.P. Morgan Asset Management announced the sale of 370 Lexington Avenue in Midtown to Tokyo-based Unizo Holdings for $247 million.
“The property at 370 Lexington Avenue, which was always attractive to tenants given its unparalleled location, has significantly appreciated in value following our repositioning of the building,” said Jeffrey Katz, the chief executive and principal owner of Sherwood Equities.
“It is the ideal layout for smaller tenants who want access to Midtown’s amenities and transportation access, and we are pleased that Unizo recognized its uniqueness.”
The deal for the Class A, 313,000 s/f building closed October 1.
In September 2008, Sherwood Equities and institutional investors advised by J.P. Morgan Asset Management purchased 370 Lexington Avenue for $155 million.
Responsible for leasing and managing the property, Sherwood chose to reposition the building to appeal to smaller tenants, and constructed 100,000 s/f of pre-built space.
The strategy has worked; today, the 27-story building is 97 percent occupied with over 120 tenants.
HFF represented Unizo Holdings, Sherwood Equities and J.P. Morgan Asset Management in the transaction.
Sherwood Equities owns a number of noteworthy properties in Manhattan, including 1600 Broadway, Two Times Square, 508 West 20th Street, 500 West 21st Street, 452 Tenth Avenue and 2040 Broadway.
Unizo owns several other properties in New York City, including 440 Ninth Ave., an 18-story office building in the Garment District, as well as 24-28 West 25th Street and 40 West 25th Street in the Flatiron neighborhood.