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Boutique Midtown Office Tower Sells to JV in Off-Market Deal
830 Third Ave., a Class A office building in Manhattan’s Midtown East neighborhood, has sold in an off-market transaction for $72 million. The seller was AEW Capital Management, which had owned the property since 2001; the buyer was a joint venture of Empire Capital Holdings and Namdar Realty Group.
JLL’s Andrew Scandalios, David Giancola, Vickram Jambu and Jennifer Zelko represented AEW in the sale. A JLL Capital Markets Debt Advisory team of Aaron Niedermayer, Max Herzog, Marko Kazanjian, Robert Tonnessen, Jackie Ferrer and Joy Dracos arranged $53.25 million in acquisition financing via Truist.
“With nearly all of the office space rolling by year-end 2023, this was a case of turning what could have been a challenge into an opportunity,” said Jambu. “830 Third Ave. offers smaller, boutique tenants the rare opportunity to occupy entire floors, which is highly desirable in today’s office market.”
- ◦Sale/Acquisition
