Executive Manhattan office space skyscraper up for sale
September 28, 2011
One of New York City?s famous Midtown commercial properties is?subject?of a bidding war featuring some of the?most?famous?commercial?property REITs in America.
Presently seven bids have been tendered for 1211 Sixth Avenue, with current owners Beacon?Capital?Partners wanting to sell all or at least a stake in the commercial property which offers two million square feet of office space in Manhattan.
Vornado Realty Trust, SL Green Realty Corp, Boston Properties and Tishman Speyer are?just?some of the big-named commercial real estate property firms who have expressed an interest in owning the commercial property.
Beacon?Capital?Partners are looking to sell the New York commercial property five years after they first bought it, following on from the Boston business paying $1.5 billion to takeover as the office?s owners.
A stellar range of commercial clients are on the commercial property?s tenancy roster, with names such as News Corp as well as law firm Ropes & Gray, however the?skyscraper?s?annual income has declined since Beacon?s buyout in 2006 meaning they may not be able to sell for the price they are anticipating.
Roy March, chief?executive?of Eastdil Secured, the broker Beacon are using to sell the building said: ?We are pleased with where we are today given the size of this deal and what?s happened in the markets.
?The bottom line is pricing will be well in excess of where peak pricing was for this asset in 2006,? he added.
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