The first trophy office building of the year has come to market and could sell for in excess of $2 billion.
That jumbo price tag would chalk up to more than $1,100 per square foot for each of 245 Park Ave.’s 1.8 million square feet.
Last fall, the Real Deal reported the 45-story, 1967-era building was being put up for sale by Brookfield Property Partners and its 49-percent stakeholder, the New York State Teachers’ Retirement System. We’ve now learned that investment brokers Darcy Stacom and Bill Shanahan of CBRE launched the marketing earlier this month.
Tenants include Societe Generale, Rabobank, Angelo Gordon, Ares Capital and Major League Baseball, which will be moving to 1271 Sixth Ave. in a few years.
The Park Avenue property is a legacy asset for Brookfield from bankrupt predecessor Olympia & York, while NYSTRS bought its stake in 2003.
CBRE declined comment, and a Brookfield rep did not return a request for comment.