The earth’s moves and stock market’s gyrations are sending investors towards tangible towers with two of Midtown’s finest now in contracts to be sold.
Sources tell us the Alaska Permanent Fund is buying a 49.5 percent stake in 299 Park Ave. for about $1,075 a square foot, revaluing the 1.15 million square-foot asset at $1.25 billion.
Back in May we told you that seller Rockpoint Group had hired the Queen of Skyscrapers, Darcy Stacom, and her colleague William Shanahan of CB Richard Ellis to market the share of the building they had purchased from UBS in January of 2010.
That earlier deal had valued it at just over $600 million, or $625 per square foot. At the time, sources told The Post that Rockpoint paid out about $20 million in cash and assumed its share of a $325 million mortgage.
The property was developed in 1967 by the Fisher Brothers family, which still holds the majority share and runs the Class A building designed by Emery Roth & Sons that is the US headquarters of UBS.
As the UBS lease is up in 2018, it has been discussing renewing and expanding as well as sniffing around other Midtown buildings, including 1221 and 1285 Ave. of the Americas along with 200 Park Ave. Yesterday, UBS AG said it would keep 2,000 workers at its Stamford, Conn., trading location for the next five years after previously discussing a move to Silverstein Properties’ upcoming 3 World Trade Center. Connecticut is providing a $20 million forgivable loan for infrastructure, technology and training.
In the second major sales deal, also shepherded by Stacom and Shanahan, sources said another rock-rooted company, Rockwood Capital, is ponying up over $400 million on behalf of an East Coast-based fund to buy 2 Grand Central Tower, aka 140 E. 45th St.
Sellers Boston Properties, Goldman Sachs and Meraas Capital, which is controlled by Dubai’s ruler, Sheikh Mohammed bin Rashid, had purchased the 1983-era building from developer Harry Macklowe in 2008. Its price tag of $427,930,000 included assuming a $190 million mortgage that has now been refinanced with another lender to $180 million.
At the time, Macklowe was shedding assets to avoid a financial meltdown after overpaying for a seven-building portfolio at the height of the market, and Boston Properties ended up buying several Macklowe-owned properties, including the GM Building.
Sources said Boston Properties, et al., will be made whole on this deal as it has also benefited from both income and depreciation.
No one could be reached for comment.
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In other sales news, as reported first on NYPost.com on Monday, SL Green Realty Corp. and retail deal maestro Jeff Sutton have closed on 1552 Broadway for $136.55 million. The landmarked 15,000 square-foot building on the northeast corner of 46th Street was purchased on Friday from the Riese Organization, which currently operates the T.G.I. Friday’s at the location. That restaurant will likely be closed in the future.
The building was marketed by the Jones Lang LaSalle Capital Markets team of Jon Caplan, Richard Baxter, Ron Cohen and Scott Latham.
The historic, four-story I. Miller Shoe Building is landmarked to preserve statues of actresses Ethel Barrymore, Marilyn Miller, Mary Pickford and Rosa Ponselle in niches on the second floor, but an addition can be constructed on top.
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The prestigious historical archivists at the Winthrop Group are moving within its Garment Center neighborhood.
Currrently located in portions of two floors of the loft building at 37 W. 39th St., they will be moving to a 3,420 square-foot bright and airy penthouse space at 226 W. 37th St. with an all- glass perimeter.
“They wanted to stay in the historic Garment Center as it gives them a creative atmosphere,” said Scott Galin of The Handler Real Estate Organization, who represented them along with colleague Peter Simel.
The seven-year deal had an asking rent in the mid-$30s per square foot. The building owners were represented by Bret Maslin of Adams & Co.
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The Standard Security Life Insurance Company of New York has signed a five-year lease renewal at 485 Madison Avenue where it has been headquartered for the last 30 years.
It currently occupies the entire 13,803 square-foot 14th floor.
Daniel O. Horowitz and Jeffrey I. Peck of Studley represented the tenant while Dennis P. Brady and Fran Delgorio of Jack Resnick & Sons represented the building owners in-house. The asking rent was in the mid-$40s per square foot.