Holliday Fenoglio Fowler announced that it has closed the sale of 370 Lexington Avenue, a 295,016 s/f office building with ground floor retail space in the Grand Central submarket.
HFF marketed the property to both domestic and international investors on behalf of the seller, a venture between institutional investors advised by J.P. Morgan Asset Management and Sherwood Equities.
The property was purchased by Japanese real estate investment firm Unizo Holdings, making its fifth purchase in Manhattan in a little over two years.
The HFF investment sales team representing the seller was led by senior managing directors Andrew Scandalios and Eric Anton and director David Fowler.
“With an influx of foreign buyers widening the buyer pool and increasing competition for Class A assets such as 370 Lexington, it was no surprise that the property ultimately sold at a record breaking price per square foot,” said Scandalios.
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.
Today, the 27-story building is 97 percent occupied with over 120 tenants.