New York & Tri-State + Downtown New York + Office | December 20, 2018

SJP Joint Venture Finalizes Buy of 470 Park South

A joint venture of SJP Properties and PGIM Real Estate has closed on its acquisition of 470 Park Avenue So. for $245 million from Norges Bank Real Estate Management and TH Real Estate. SJP will serve as operating partner, responsible for managing and leasing the 301,178-square-foot, Class A office and retail building.

“The location of 470 PAS has become one of the most desirable neighborhoods in Manhattan for a diverse cross section of companies,” said SJP CEO Steven J. Pozycki. “We look forward to maximizing the value of the property and creating an optimal work environment for existing and future tenants.”

The transaction was led by PGIM Real Estate’s Todd Goldberg and Ian Christ, and SJP’s Enrique Alonso and Zachary Freeman. 470 PAS is currently 87% leased to tenants including Priceline.com and Dstillery Inc. The new owners plan a repositioning and leasing campaign, including a full floor of pre-built space.

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Connect With SJP's Pozycki, Alonso and FreemanConnect With PGIM's Goldberg and Christ

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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