NEW YORK, NY – May 21, 2010 – (RealEstateRama) — The New York office of Hines, the international real estate firm, announced today that a subsidiary of the Hines U.S. Core Office Fund LP (Core Fund) has closed on the sale of 600 Lexington, a 36-story 303,515-square-foot office tower located on the Northwest corner of Lexington Avenue and 52nd Street in New York City, to SL Green Corp.
CB Richard Ellis Group, Inc. represented the Core Fund in the transaction, while SL Green was represented by Greenberg Traurig, LLP.
600 Lexington is a Class A office building that was designed by Emery Roth and Sons, P.C., and was completed in 1985. The property was acquired by the Core Fund in 2003 for approximately $91 million. The building is 93 percent leased to a diversified mix of tenants including: Alvarez & Marsal, MKP Capital Management LLC, and Brencourt Advisors, LLC.
“600 Lexington is a special asset that has delivered exceptionally strong returns to our investors,” said Charles Hazen, president and CEO of the Core Fund.
The Core Fund is an investment vehicle organized to acquire a geographically diverse portfolio of core office buildings in the U.S.
“We are happy to have selected SL Green as the new owner of 600 Lexington, and our successful redevelopment of the asset reinforces Hines’ confidence in New York’s preeminence in the global capital market,” said Hines Senior Vice President Tommy Craig.
Hines has been active in the New York market since 1981. Currently, in New York, the firm owns and/or manages eight other office buildings totaling more than 3.5 million square feet. The firm is also developing and marketing One Jackson Square, a luxury condominium project in the West Village.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,111 properties representing more than 451 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. With offices in more than 100 cities in 17 countries, and controlled assets valued at approximately $22.2 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM in the United Kingdom, France’s Haute Qualité Environnementale and with the German Sustainable Building Council. Visit www.hines.com for more information.
George C. Lancaster
Senior Vice President, Corporate Communications
(713) 966-7666
(713) 966-7886 fax
Kim Jagger
Director, Corporate Communications
(713) 966-7848
(713) 966-7886 fax
