New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Manhattan’s Still the Champ for NYC Office Deals
Manhattan still reigns when it comes to major office sales in New York City, Metro Manhattan Office Space reported. Forty out of the city’s top 50 office deals in 2019 closed in Manhattan, for a combined dollar volume of $9.25 billion.
That includes the first 23 sales on Metro Manhattan’s list, led by WarnerMedia’s $2.15 billion sale-leaseback of 30 Hudson Yards. WarnerMedia sold its space to Related Companies, the property’s developer, while continuing to lease 1.5 million square feet of office space in the building.
Unusually, the year’s second and third largest Manhattan office transactions both involved the same property: the Coca-Cola Building, otherwise known as 711 Fifth Ave. The Coca-Cola Company sold the building to Nightingale Group and Wafra Capital Partners for $909 million in August. Then, in an uncommon development, the new owners sold it to a partnership between SHVO and Bilgili Group in September, for $937 million.
Pictured: 30 Hudson Yards
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
